- On November 26, the first DOGE-based ETP was introduced by Valour, an exchange-traded products issuer and Dogecoin has also derived profits from it.
- A market pattern analyst, Trader Tardigrade took to the social media platform, X and mentioned that DOGE is now en route to go over its historical price trajectory again.
- The increased demand for Dogecoin has led it to outperform the market capitalization of Porsche over the last year.
The leading memecoin, Dogecoin has recently left the market capitalization of Porsche behind it. The main reason for this is speculated to be the publicization of an exchange-traded product (ETP) by Elon Musk.
The data on November 27 shows that Dogecoin has an overall market capitalization of $57.8 billion, on the other hand, the market cap of Porsche just stands at $54.91 billion. Dogecoin has shown a significant performance this year, mainly hyped by publicization from Elon Musk over social media platforms.
Recently the news of Elon Musk heading the Department of Government Efficiency (D.O.G.E) has also attracted a lot of traders to the memecoin. This department has also grabbed the eyes of many people as it targets reducing government spending and refining regulations.
The increased demand for Dogecoin
On November 26, the first DOGE-based ETP was introduced by Valour, an exchange-traded products issuer and Dogecoin has also derived profits from it. The head of Nordics of Valour, Johanna Belitz has stated that the asset manager introduced Valour DOGE ETP considering the recent presidential election results and the later increase in demand for Dogecoin, boosted by prominent personalities such as Elon Musk.
The increased demand for Dogecoin has led it to outperform the market capitalization of Porsche over the last year. The market cap of DOGE went over 395% and at the same time, the market cap of Porsche went down by 34%. In April 2023, the value of Porsche was hovering around $117 billion and now it is at $56.1 billion, showing a fall of 56%.
Probability of 1000% DOGE rally
Dogecoin is continuously profited from the X post of billionaire Elon Musk and it is speculated that the pattern will also be followed in the future. Analysing the ups and downs from the chart of Dogecoin (DOGE), some traders believe that a 1000% DOGE rally is probable.
A market pattern analyst, Trader Tardigrade took to the social media platform, X and mentioned that DOGE is now en route to go over its historical price trajectory again on the Gaussian channel.
Giving some data about the Gaussian channel, it is an indicator that permits traders to recognize the upper and lower channels of price action based on the principle of asset distribution.
