Dogecoin Surpasses Porsche’s Market Cap Amid Musk Endorsements and ETP Launch
Some analysts predict a potential 1,000% surge in Dogecoin’s price based on emerging technical chart patterns. The popular memecoin has recently overtaken luxury automaker Porsche in market capitalization, fueled by Elon Musk’s endorsements and the introduction of a Dogecoin exchange-traded product (ETP).
Dogecoin Outpaces Porsche’s Market Cap
Dogecoin (DOGE) has surged over 175% in the past month, reaching a market capitalization of $57.8 billion as of November 27. This marks a significant lead over Porsche, which currently holds a $56.1 billion market cap, according to Cointelegraph data.
The memecoin’s momentum in 2024 is largely attributed to continued social media endorsements from Musk. His involvement in the creation of the Department of Government Efficiency (DOGE), aimed at reducing government spending and regulations, has further fueled interest. Retail investors have taken the agency’s acronym, matching Dogecoin’s ticker symbol, as a bullish signal for the token.
DOGE ETP Fuels Growth
Dogecoin’s growth has also been bolstered by the launch of the first DOGE-based ETP, announced by Valour, a DeFi Technologies subsidiary, on November 26. Johanna Belitz, Valour’s head of Nordics, highlighted the surge in demand for Dogecoin following the U.S. presidential election and the influence of figures like Musk.
Dogecoin’s Market Success
Over the past year, Dogecoin has outperformed Porsche in market growth. DOGE’s market capitalization has risen by 395%, while Porsche’s has declined by more than 34%, dropping from $117 billion in April 2023 to $56.1 billion 
With these developments, Dogecoin continues to capture significant market interest, leaving room for further potential growth as analysts eye a possible 1,000% price increase.
