According to Cointelegraph, over the past month, the market capitalization Dogecoin (DOGE) rose 175% to $57,8 billion, surpassing Porsche's market cap of $56,1 billion.
Memcoin Dogecoin has shown a rally this year thanks in part to the continued social media support of American billionaire Elon Musk.
Musk's recent involvement in the creation of the new Department of Government Efficiency (DOGE), which will focus on reducing government spending and streamlining federal structures in the United States, has further fueled interest in the memecoin.
Since the new agency uses the same acronym as the DOGE ticker, retail investors took it as a sign of an upcoming rally. Dogecoin .
The course Dogecoin also benefited from other developments, including the debut of the first DOGE-based ETP, announced by a subsidiary of DeFi Technologies Valour November 26. Thus, due to the above catalysts, memcoin Dogecoin and was able to outperform Porsche's market cap, increasing by more than 395%, while Porsche's market cap fell by more than 34%.
Recall that in April 2023, Porsche's value was $117 billion, but since then it has fallen by more than 56% to $56,1 billion.
