Meme cryptocurrency Dogecoin has overtaken Porsche in market value

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.

Image source: Kanchanara/unsplash.com

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%.

admin

Share
Published by
admin

Recent Posts

Google to Make End-to-End Encryption in Gmail Available to Everyone

Google plans to roll out end-to-end encryption (E2EE) of email to all users, even those…

13 hours ago

Putin Bans Government Agencies and Banks from Communicating with Clients via Foreign Messengers

Vladimir Putin signed a law aimed at protecting citizens from telephone and cyber fraudsters: employees…

13 hours ago

Blue Origin Finds Out Why It Lost Its New Glenn Rocket’s Reusable Stage During Its First Launch

The US Federal Aviation Administration (FAA) has announced that it has received a document containing…

13 hours ago

British woman accidentally throws away her fiance’s £3m Bitcoin wallet

During spring cleaning, UK resident Ellie Hart threw out a USB device with the trash,…

13 hours ago

$100 billion as a blind: experts doubt TSMC’s plans to develop factories in the US

Early last month, TSMC announced plans to spend another $100 billion to expand its U.S.…

13 hours ago