Dogecoin surpasses Porche’s market cap, stands at $57.8 billion

On November 26, the first DOGE-based exchange-traded product (ETP) was launched by Valour, an ETP issuer, benefiting Dogecoin. Market pattern analyst Trader Tardigrade noted on social media platform that DOGE is poised to surpass its previous price trajectory.

Dogecoin's surging demand has propelled its market capitalization past that of Porsche over the past year. On November 27, Dogecoin's market cap stood at $57.8 billion, while Porsche's was $54.91 billion.

Elon Musk's promotion of Dogecoin and the news of his heading the Department of Government Efficiency (D.O.G.E) have contributed to its growing popularity.

Valour's Head of Nordics, Johanna Belitz, explained that the asset manager's decision to issue Valour DOGE ETP was influenced by the recent election results and the subsequent rise in demand for Dogecoin, driven by figures like Musk.

Since April 2023, DOGE's market cap has surged over 395%, while Porsche's has declined by 34%. Porsche's value has dropped from approximately $117 billion to $56.1 billion.

Trader Tardigrade has predicted the possibility of a 1000% rally for DOGE, citing its historical price patterns on the Gaussian channel. The Gaussian channel is an indicator that assists traders in identifying price action's upper and lower channels based on asset distribution principles.