Dogecoin Overtakes Porsche in Market Cap
Date: 2024-11-29 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
Dogecoin's market capitalization has surpassed the Porsche automaker, which is due to the increased attention to the cryptocurrency thanks to the activity of Elon Musk. The American billionaire, who regularly mentions Dogecoin on the X social network (formerly Twitter) and at public events, has once again caused a surge of interest. One of the key factors was the appointment of Musk as the head of the new Department of Government Efficiency (DOGE) in the United States, the name of which coincides with the abbreviation of the memecoin.
As Cointelegraph notes, the creation of the department stimulated the interest of users and investors in Dogecoin. The association of the name with the memecoin played a significant role in the growth of the popularity of the cryptocurrency.
Another significant event was the news of the launch of the first exchange-traded product based on Dogecoin in Sweden. This was announced by the company Valour, emphasizing that the new instrument will allow investors to purchase the asset without having to buy it directly. The company's management is confident that this product will expand access to Dogecoin for a wider range of users.
In addition, the general interest in memecoins is supported by the growth of the GMCI Meme Index, which has increased by 90% over the past month. The listing of PEPE and WIF memecoins on major platforms Coinbase and Robinhood has become an additional catalyst for this trend.
Thanks to such events, Dogecoin continues to strengthen its position in the crypto market, surprising even the most experienced investors.
