Dogecoin

Shiba Inu

Elon Musk

Dogecoin has surpassed the market capitalization of luxury automaker Porsche, driven by endorsements from Elon Musk and the potential launch of an exchange-traded product (ETP) for the memecoin.
Dogecoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/doge-price-index" rel="null" target="null" text="null" title="null">DOGE</a>) has risen 175% during the past month to a $57.8 billion market capitalization, surpassing Porsche’s $56.1 billion market cap, as of 8:34 am UTC on Nov. 27, Cointelegraph data showed.
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 <img alt="Dogecoin flips Porsche market cap as DOGE ETP, Musk drive rally" src="https://s3.cointelegraph.com/uploads/2024-11/01936cf7-d573-7a19-92ee-cbeb7ec3d2e7" title="">
 <figcaption style="text-align: center;">
 DOGE/USD 1-month chart. Source: Cointelegraph
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Dogecoin has had significant momentum in 2024, partly driven by continued social media endorsements from <a data-ct-non-breakable="null" href="https://cointelegraph.com/people/top-people-in-crypto-and-blockchain-2022/elon-musk/" rel="null" target="null" text="null" title="null">billionaire Elon Musk</a>.
Musk’s recent involvement in creating the nascent <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/trump-elon-musk-vivek-ramaswamy-slash-gov-t-doge" rel="" target="_self" text="null" title="https://cointelegraph.com/news/trump-elon-musk-vivek-ramaswamy-slash-gov-t-doge">Department of Government Efficiency (DOGE</a>), an agency aimed at cutting government spending and streamlining regulations, has further stoked interest.
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 <img alt="Dogecoin flips Porsche market cap as DOGE ETP, Musk drive rally" src="https://s3.cointelegraph.com/uploads/2024-11/01936cf7-7bb7-78d8-885b-39141cca69a2" title="">
 <figcaption style="text-align: center;">
 An excerpt from Donald Trump’s DOGE announcement shared by Elon Musk on X. Source: <a data-ct-non-breakable="null" href="https://x.com/elonmusk/status/1856502787930050927" rel="null" target="null" text="null" title="https://x.com/elonmusk/status/1856502787930050927">Elon Musk</a>
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Since the new agency shares the same acronym with the DOGE <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/meme-coins-play-important-role-in-crypto" rel="" target="_self" text="null" title="https://cointelegraph.com/news/meme-coins-play-important-role-in-crypto">memecoin</a> ticker symbol, some retail investors took this as a sign of a forthcoming Dogecoin rally.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-nears-1m-daily-addresses-price-chases-100k" rel="null" target="null" text="null" title="null">Bitcoin nears 1M daily active addresses as price chases $100K</a>
<h2 id="dogecoin-outperforms-porsche-amid-doge-etp-filing">Dogecoin outperforms Porsche amid DOGE ETP filing</h2>
Dogecoin has also benefitted from other developments, including the debut of the first <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/valour-launches-doge-etp" rel="null" target="null" text="null" title="null">DOGE-based ETP</a> announced by Valour, a subsidiary of DeFi Technologies, on Nov. 26.
The asset manager launched Valour DOGE ETP “[i]n light of the recent [United States] presidential election results and the subsequent surge in demand for Dogecoin […] bolstered by influential figures like Elon Musk,” Johanna Belitz, Valour’s head of Nordics, said in a statement.
Thanks to the growing interest, Dogecoin’s growth helped it surpass Porsche’s market capitalization over the past year — rising over 395%, while Porsche’s market capitalization fell over 34%.
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 <img alt="Dogecoin flips Porsche market cap as DOGE ETP, Musk drive rally" src="https://s3.cointelegraph.com/uploads/2024-11/01936cf7-1947-7380-bf4b-7b1a7e7f80b4" title="">
 <figcaption style="text-align: center;">
 Porsche market capitalization. Source: CompaniesMarketCap
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Porsche was valued at $117 billion in April 2023 but has since dropped more than 56% to $56.1 billion, <a data-ct-non-breakable="null" href="https://companiesmarketcap.com/porsche/marketcap/" rel="nofollow noopener" target="_blank" text="null" title="https://companiesmarketcap.com/porsche/marketcap/">according</a> to CompaniesMarketCap data.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/shiba-inu-whale-holds-10-shib-supply-250-000x-2-5-b" rel="null" target="null" text="null" title="null">Shiba Inu whale holds 10% of SHIB supply, up 250,000x to $2.5B</a>
Meanwhile, Dogecoin continues benefiting from Musk’s continued X <a data-ct-non-breakable="null" href="https://x.com/elonmusk/status/1861075831650697230" rel="null" target="null" text="null" title="null">posts</a>.
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 <img alt="Dogecoin flips Porsche market cap as DOGE ETP, Musk drive rally" src="https://s3.cointelegraph.com/uploads/2024-11/01936cf6-b98c-74c8-84f9-16329628437e" title="">
 <figcaption style="text-align: center;">
 DOGE social post. Source: Elon Musk
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Some crypto traders predict a potential <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/dogecoin-follows-classical-charting-principle-which-hints-at-1-000-doge-rally" rel="null" target="null" text="null" title="null">1,000% DOGE rally</a> based on emerging technical chart patterns.
Trader Tardigrade, a market pattern analyst, <a data-ct-non-breakable="null" href="https://x.com/TATrader_Alan/status/1858121670076379372" rel="null" target="null" text="null" title="null">mentioned</a> in an X post that Dogecoin is currently en route to repeat its historical price trajectory based on <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/dogecoin-s-parabolic-target-is-3-5-based-on-historically-parabolic-gaussian-channel" rel="null" target="null" text="null" title="null">the Gaussian channel</a>.
<figure>
 <img alt="Dogecoin flips Porsche market cap as DOGE ETP, Musk drive rally" src="https://s3.cointelegraph.com/uploads/2024-11/01936cf6-1c87-7b9f-b1fc-a40b3e73bb7a" title="">
 <figcaption style="text-align: center;">
 Dogecoin weekly analysis by Tardigrade. Source: X.com
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A Gaussian channel is an indicator that allows traders to identify the upper and lower channels of price action based on the principle of asset distribution.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/based-rollups-make-ethereum-feel-ethereum-again/" rel="null" target="null" text="null" title="null">Make Ethereum feel like Ethereum again: Based rollups explained</a>

Dogecoin flips Porsche market cap as DOGE ETP, Musk drive rally

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