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

Dogecoin Surpasses Porsche in Market Cap, Fuelled by Musk Endorsements and ETP Launch

Dogecoin (DOGE) has surged over 175% in the past month, reaching a market capitalization of over $57.8 billion, surpassing luxury automaker Porsche's $56.1 billion market cap.

Dogecoin's Momentum

Dogecoin's bullish momentum this year has been largely attributed to continued social media endorsements from billionaire Elon Musk. Musk's recent involvement in establishing the Department of Government Efficiency (DOGE) has further piqued interest, as the acronym "DOGE" aligns with the memecoin's ticker symbol.

Other Contributing Factors

In addition to Musk's endorsements, Dogecoin has benefited from the announcement of the first DOGE-based exchange-traded product (ETP) by Valour, a subsidiary of DeFi Technologies. The launch of this ETP reflects the growing demand for Dogecoin, particularly following the recent U.S. presidential election results.

Outperforming Porsche

Dogecoin's market capitalization growth has significantly outpaced Porsche's over the past year. While Dogecoin's market cap rose by over 395%, Porsche's has fallen by over 34%. This decline in Porsche's market cap is primarily attributed to a broader market decline in the automotive sector.

Analysts' Predictions

Some crypto traders anticipate a potential 1,000% rally in DOGE based on emerging technical chart patterns. According to Trader Tardigrade, Dogecoin is following a historical price trajectory within a Gaussian channel, which indicates potential for significant upward movement.