Dogecoin (DOGE-USD) has achieved a major milestone, surpassing Ford’s (F) market cap, thanks to Elon Musk’s ongoing support and new developments in the world of crypto. As of November 27, 2024, Dogecoin reached a market capitalization of $59.37 billion, zooming past Ford Motor’s $44.1 billion. This surge is part of a broader 175% increase in Dogecoin’s price over the past month.
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Musk’s Influence Powers Dogecoin’s Meteoric Rise
Elon Musk’s backing has long been a catalyst for Dogecoin’s growth, but recent moves are taking it to another level. In addition to his regular endorsements on social media, Musk’s involvement in launching the Department of Government Efficiency (DOGE) has fueled speculation. The agency, which shares its acronym with Dogecoin, has become a talking point for investors. Some analysts are even predicting a potential 1,000% price increase for the memecoin, based on bullish technical charts, such as the Gaussian channel. As Cointelegraph reports, trader Tardigrade suggests that Dogecoin is primed to replicate its previous price surge.
Launch of DOGE ETP Spurs New Interest
In another boost for Dogecoin, Valour, a subsidiary of DeFi Technologies (OTC:DEFI), launched the first-ever Dogecoin-based exchange-traded product (ETP) on November 26, 2024. Johanna Belitz, head of Nordics at Valour, explained that the move came amid increased demand for Dogecoin, spurred by events like the U.S. presidential election and Musk’s influence. As Cointelegraph notes, this product’s introduction is expected to attract even more institutional interest.
With Musk’s influence and the launch of new financial products like the DOGE ETP, it’s clear that Dogecoin’s momentum is not slowing anytime soon. The memecoin’s remarkable rise over the past year, including a 425.6% increase, shows that it’s now a force to be reckoned with in the crypto world.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
