Author: Zoltan Vardai, CoinTelegraph; Compiler: Tao Zhu, Golden Finance
Driven by Elon Musk's support and the possible launch of a Memecoin exchange-traded product (ETP), Dogecoin's market value has surpassed that of luxury carmaker Porsche.
As of 8:34 a.m. UTC on November 27, Dogecoin has risen 175% in the past month, with a market value of $57.8 billion, surpassing Porsche's $56.1 billion market value.
DOGE/USD 1-month chart. Source: Cointelegraph
Dogecoin has gained momentum in 2024, partly due to billionaire Elon Musk's continued support on social media.
Musk’s recent involvement in the creation of the nascent Department of Government Efficiency (DOGE), an agency designed to cut government spending and streamline regulation, has further fueled interest.
Excerpt of Donald Trump’s DOGE announcement shared by Elon Musk on X. Source: Elon Musk
Since the new agency uses the same abbreviation as the DOGE memecoin ticker, some retail investors are seeing this as a sign of an impending Dogecoin rally.
Dogecoin has also benefited from other developments, including the debut of the first dogecoin-based ETP, announced by DeFi Technologies subsidiary Valour on Nov. 26.
The asset manager launched the Valour DOGE ETP “in light of the recent (U.S.) presidential election results and subsequent support from influential figures such as Elon Musk,” Johanna Belitz, head of Nordics at Valour, said in a statement.
Dogecoin’s growth due to growing interest has helped it outperform Porsche’s market cap over the past year — up more than 395% while Porsche’s market cap has fallen more than 34%.
Porsche market value. Source: CompaniesMarketCap
Porsche was valued at $117 billion in April 2023, according to CompaniesMarketCap, but has since fallen more than 56% to $56.1 billion.
Meanwhile, Dogecoin continues to benefit from Musk's continued X posts.
DOGE social posts. Source: Elon Musk
Some cryptocurrency traders predict that DOGE could rise by 1,000% based on an emerging technical chart pattern.
Market pattern analyst Trader Tardigrade mentioned in an X post that Dogecoin is currently repeating its historical price trajectory based on Gaussian channels.
Tardigrade's Dogecoin weekly analysis. Source: X.com
Gaussian channels are an indicator that allows traders to identify upper and lower channels of price action based on asset distribution principles.
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