DOGE Flips Porsche Market Cap, Musk and ETP Spark Surge

Dogecoin has flipped Porsche in market cap. This surge is driven by Elon Musk’s support and the upcoming launch of a Dogecoin exchange-traded product (ETP). In just one month, Dogecoin’s value jumped 175%, reaching $57.8 billion. This outpaces Porsche’s $56.1 billion market cap.

Musk Powers Dogecoin's Growth

Elon Musk’s influence has been a game-changer for Dogecoin. His tweets and public support have continuously boosted interest in the coin. More recently, Musk helped create the Department of Government Efficiency (DOGE). 

This agency, which shares the same name as the memecoin, caught the attention of investors. Many retail traders saw this as a sign of a potential Dogecoin rally. 

Musk’s backing has given Dogecoin newfound strength. His involvement keeps the market excited and engaged, pushing Dogecoin into the spotlight. Investors rushed to buy Dogecoin, fueling the sharp rise in value.

DOGE ETP and Porsche's Decline

The debut of the first DOGE-based ETP on November 26 added fuel to Dogecoin’s fire. Valour, a subsidiary of DeFi Technologies, launched the ETP in response to rising demand. 

The U.S. presidential election also sparked interest in the memecoin. 

Valour’s Johanna Belitz credited figures like Musk for increasing demand. While Dogecoin soared, Porsche struggled. In April 2023, Porsche was valued at $117 billion. However, the luxury brand’s market cap has since dropped by over 56%, now sitting at $56.1 billion.

Meanwhile, Dogecoin grew by 395% in the past year, showing that memecoins have the power to compete in the market.

With the ETP launch and Musk’s support, Dogecoin’s future looks promising.