Author: Zoltan Vardai, CoinTelegraph; Compiler: Tao Zhu, Golden Finance

Driven by the support of Elon Musk and the possible launch of a Meme coin exchange-traded product (ETP), Doggy The coin’s market capitalization has surpassed that of luxury car manufacturer Porsche.

As of 8:34 a.m. UTC on November 27, Dogecoin has risen 175% in the past month, with a market value of $57.8 billion, surpassing Porsche's $56.1 billion market value.

DOGE/USD 1-month chart. Source: Cointelegraph

Dogecoin is gaining momentum in 2024, in part due to billionaire Elon Musk’s continued support on social media.

Musk’s recent involvement in creating the nascent Department of Efficiency (DOGE), an agency designed to cut spending and streamline regulations, has further stoked interest.

Excerpt from Donald Trump's DOGE statement shared by Elon Musk on X. Source: Elon Musk

Since the new agency uses the same abbreviation as the DOGE memecoin ticker, some retail investors are seeing this as a sign of an upcoming Dogecoin rally.

Dogecoin has also benefited from other developments, including the first Dogecoin-based coin announced on November 26 by DeFi Technologies subsidiary Valour The debut of ETP.

Valour’s Nordic director Johanna Belitz said in a statement, “In light of the recent (U.S.) presidential election results and the subsequent support of influential figures such as Elon Musk, dogs Demand for Dogecoin Surges," the asset manager launches Valour DOGE ETP.

Dogecoin’s growth has helped it surpass Porsche’s market capitalization over the past year as a result of increased interest – up more than 395%, while Porsche’s market capitalization fell by more than 34%.

Porsche’s market capitalization. Source: CompaniesMarketCap

Porsche was valued at $117 billion in April 2023, but has since fallen more than 56% to $56.1 billion, according to CompaniesMarketCap.

Dogecoin, meanwhile, continues to benefit from Musk’s continued X posts.

DOGE social posts. Source: Elon Musk

Some cryptocurrency traders predict that DOGE could rise as much as 1,000% based on emerging technology chart patterns.

Market pattern analyst Trader Tardigrade mentioned in an X post that Dogecoin is currently repeating its historical price trajectory based on a Gaussian channel.

Tardigrade’s weekly analysis of Dogecoin. Source: X.com

The Gaussian Channel is an indicator that allows traders to identify upper and lower channels of price action based on the principles of asset distribution.