Dogecoin Surpasses Porsche with $57.8 Billion Market Cap Amid Musk’s Endorsements and ETP Launch

According to recent reports from Cointelegraph on November 27th, Dogecoin’s market capitalization has soared to $57.8 billion, outpacing the $56.1 billion valuation of Porsche. This surge is largely attributed to Elon Musk‘s ongoing support and the anticipated introduction of the inaugural DOGE ETP product. Musk’s involvement extends to the establishment of the Department of Government Efficiency (DOGE), an initiative focused on curbing public expenditure and streamlining regulatory frameworks, which has significantly boosted interest in Dogecoin.

In a related development, DeFi Technologies’ subsidiary Valour has unveiled plans for the launch of the first DOGE ETP. According to Johanna Belitz, the head of Valour’s Nordic operations, this strategic decision was influenced by the results of the recent U.S. elections and an overwhelming increase in demand for Dogecoin, often referred to as the Musk effect. Such movements underscore the evolving landscape of cryptocurrency investments amidst heightened market activity.