Dogecoin Surpasses Ford’s Market Cap with Influence from Musk
Dogecoin (DOGE-USD) has hit a major milestone recently, surpassing Ford’s (F) market cap, all thanks to the continuous support from Elon Musk and the exciting new developments in the world of cryptocurrency. As of November 27, 2024, Dogecoin’s market capitalization soared to $59.37 billion, overtaking Ford Motor’s $44.1 billion. In just the past month, Dogecoin’s price has surged by a whopping 175%.
Elon Musk’s endorsement has always been a driving force behind Dogecoin’s growth, and recent actions have propelled it even further. In addition to his frequent nods on social media, Musk’s involvement in launching the Department of Government Efficiency (DOGE) has caused quite a stir. The agency, which coincidentally shares its acronym with Dogecoin, has captured the attention of investors. Some experts are even speculating a potential 1,000% increase in the memecoin’s price, based on optimistic technical charts like the Gaussian channel. Trader Tardigrade, as reported by Cointelegraph, believes that Dogecoin is poised to replicate its past price surge.
Another boost for Dogecoin came with Valour, a DeFi Technologies (OTC:DEFI) subsidiary, unveiling the first-ever Dogecoin-based exchange-traded product (ETP) on November 26, 2024. Johanna Belitz, head of Nordics at Valour, explained that this move was in response to the growing demand for Dogecoin, driven by events like the U.S. presidential election and Elon Musk’s influence. The introduction of this financial product is anticipated to attract more institutional interest, as noted by Cointelegraph.
With Elon Musk’s endorsement and the introduction of innovative financial products like the DOGE ETP, Dogecoin’s momentum shows no signs of slowing down. The memecoin’s incredible growth over the past year, including a significant 425.6% surge, solidifies its position as a major player in the world of cryptocurrency.
