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    Dogecoin market value surges past Porsche, hitting $57.8 billion with boosts from Elon Musk and new ETP proposal

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    Dogecoin has surpassed Porsche’s market value, reaching over $57.8 billion. This growth, fueled by support from Tesla CEO Elon Musk and the proposed DOGE-based exchange-traded product (ETP) by Valour, represents an increase of over 175% in the last month. Musk’s interest in a new government department, sharing the DOGE acronym, has further excited investors. Porsche’s market value, on the other hand, has fallen over 34% in the last year. Some cryptocurrency traders are predicting a jump of 1,000% in Dogecoin value based on new technical chart patterns.

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    Dogecoin’s worth has now soared past that of luxury car manufacturer Porsche, thanks to shout-outs from billionaire Elon Musk and the possible introduction of an exchange-traded product (ETP) specific to Dogecoin.

    The value of Dogecoin (DOGE) shot up over 175% in the last month, bringing its total market value to over $57.8 billion. This outshines Porsche’s market value which sits at $56.1 billion, according to Cointelegraph data as of morning UTC on Nov. 27.

    The year 2024 has been pretty great for Dogecoin, in part due to ongoing high-profile endorsements on social media platforms by Tesla and Space X CEO Elon Musk.

    Musk’s recent interest in creating the Department of Government Efficiency (also known as DOGE), a new branch focused on trimming government spending and simplifying regulations, has got folks even more excited.

    This new government department shares the acronym DOGE with the Dogecoin ticker symbol, causing some retail investors to see this as a good omen for a likely surge in Dogecoin value.

    In addition to all this, Dogecoin has also been boosted by other events like the launch of the first ever DOGE-based ETP by Valour, part of DeFi Technologies, as of Nov. 26.

    This was set up due to the recent United States election results and a huge upswing in demand for Dogecoin, thanks partly to influential figures like Musk, according to Johanna Belitz, Head of Nordics at Valour.

    With all this added interest, Dogecoin’s growth has overtaken Porsche’s market value in the last year. It’s risen more than 395%, whereas Porsche’s market value has dropped over 34%.

    Porsche was evaluated at $117 billion in April 2023 but has since plunged over 56% to $56.1 billion, based on data from CompaniesMarketCap.

    Despite this, Dogecoin is still going strong, with Elon Musk continuing to show his support with various posts.

    Some cryptocurrency traders are even predicting a potential 1,000% jump in Dogecoin value based on new technical chart patterns.

    Tardigrade, a market pattern analyst, suggested in a post that Dogecoin might be on track to repeat its past price path as noted by the Gaussian channel.

    A Gaussian channel is a tool traders use to identify the highest and lowest price ranges based on how an asset is distributed.

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