The first-ever meme cryptocurrency, Dogecoin, has surpassed luxury car maker Porsche in market capitalization, helped by its social media support from billionaire Elon Musk and the potential launch of an ETP exchange product for memecoins, Cointelegraph writes.
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Dogecoin’s market capitalization has increased by 175% over the past month to $57.8 billion, surpassing Porsche’s market value of $56.1 billion. According to CompaniesMarketCap, Porsche was valued at $117 billion back in April 2023, but since then its value has fallen by more than than 56%. Dogecoin also overtook Ford in market value this month.
Dogecoin continues to benefit from Musk’s continued support on social media X. His involvement in the creation of the new Department of Government Effectiveness (DOGE), aimed at cutting government spending and streamlining regulation, has further fueled interest in memcoin, especially since the agency’s acronym shares the same ticker name as DOGE .
Dogecoin beats Porsche amid filing for exchange-traded product DOGE ETP. Dogecoin’s growth was also boosted by the debut of the first DOGE-based ETP, announced on November 26 by Valour, a subsidiary of DeFi Technologies. Some crypto traders predict DOGE to rise by 1000%.