Dogecoin reaches $57.8B market cap

Dogecoin’s market capitalisation has exceeded that of luxury automaker Porsche, driven by Elon Musk’s ongoing support and the debut of the first Dogecoin-based (CRYPTO:DOGE) exchange-traded product (ETP).

As of November 27, Dogecoin’s market cap reached $57.8 billion, surpassing Porsche’s $56.1 billion.

Over the past month, Dogecoin experienced a 175% price increase, reflecting growing interest and optimism around the memecoin.

Musk’s role has been central to this momentum.

His recent efforts in establishing the Department of Government Efficiency (DOGE), a government agency focused on streamlining regulations and reducing costs, have drawn attention.

Many retail investors linked the agency’s acronym with Dogecoin’s ticker, speculating that it signals a significant rally for the token.

The launch of the Valour DOGE ETP by DeFi Technologies’ subsidiary on November 26 further boosted Dogecoin’s visibility.

According to Johanna Belitz, Valour’s head of Nordics, the ETP was introduced "in light of the recent U.S. presidential election results and the subsequent surge in demand for Dogecoin [...] bolstered by influential figures like Elon Musk."

Dogecoin’s upward trajectory contrasts with Porsche’s market cap decline.

Over the past year, Dogecoin’s market value has risen by 395%, while Porsche has experienced a 56% drop, falling from $117 billion in April 2023 to its current valuation of $56.1 billion.

Crypto analysts predict further growth for Dogecoin.

Market analyst Trader Tardigrade noted the token’s price is aligning with a historical pattern observed in the Gaussian channel, suggesting a potential 1,000% rally if this trend persists.

At the time of reporting, the Dogecoin (DOGE) price was $0.4060.