Dogecoin surpasses Porsche in market cap amid ETP launch and Musk endorsements

Dogecoin's market capitalization has climbed to $57.8 billion, surpassing Porsche’s $56.1 billion as of Nov. 27, according to Cointelegraph. The memecoin's 175% surge over the past month is attributed to social media endorsements by Elon Musk and the launch of a DOGE-based exchange-traded product (ETP) by Valour. Additionally, Musk's creation of the Department of Government Efficiency (DOGE) has fueled retail investor interest. While Porsche's valuation has dropped significantly in 2024, Dogecoin has seen explosive growth, outperforming major market expectations.