Dogecoin growth has hit a new milestone as its $57.8 billion market cap has outpaced that of Porsche.
Dogecoin DOGE $0.16 24h volatility: 1.4% Market cap: $23.56 B Vol. 24h: $465.49 M , the most popular meme coin, has reached an important milestone, exceeding the market value of the luxury car brand Porsche.
This rise is fueled by renewed interest and endorsements from high-profile figures, especially Elon Musk, the CEO of Tesla Inc (NASDAQ: TSLA) and SpaceX. Dogecoin’s market price of $0.39 has now pushed its valuation to about $57.8 billion. With this valuation, Dogecoin has retained its spot as one of the top 10 coins in the market.
This marks a 175% increase over the past month, now exceeding Porsche’s value of $56 billion. Notably, this rise shows how Dogecoin combines humor, community, and excitement in the market.
Dogecoin Heads towards the Great Banana Rotation
Markedly, the optimism towards the meme coin stems from the attention it is getting in recent times. Recently, Real Vision CEO and Founder Raoul Pal took to X to state that Dogecoin is likely gearing up for a rally, riding on its associated optimism.
Before now, the Real Vision CEO had explained the Banana Zone, emphasizing the importance of core allocations in top-tier assets like Bitcoin, Ethereum, and Solana. As a result, he advised investors to stash 90% of their portfolio in solid assets like BTC, ETH, and other altcoins.
This leaves only 10% for riskier plays like meme coins.
At the same time, Pal is skeptical about overtrading and leverage. Hence, he urged investors to protect their assets and investments. His prediction gives DOGE holders confidence in an impending price rally and the future performance of the meme coin.
Elon Musk and Vivek Ramaswamy on D.O.G.E Project
Musk’s ongoing support for Dogecoin remains key to its growth. His frequent mentions of Dogecoin on social media and its use in some of his companies have greatly increased its visibility and adoption.
Besides Elon Musk’s influence, news about a possible Exchange-Traded Product (ETP) for Dogecoin has raised investor optimism.
Recall that Musk shared new developments to enhance the US Federal agencies through the Department of Government Efficiency (D.O.G.E). This is a project that Musk and Vivek Ramaswamy will head after their appointment by Donald Trump. The news of their appointment sparked optimism in the market.
Apart from Musk’s involvement, the resemblance of the Department’s name (D.O.G.E) to the Dogecoin ticker is another fuel for the coin’s potential price rally.
To cement this talk about a potential increase in price, recent on-chain metrics and other market trends also indicate that Dogecoin is positioned to continue its parabolic run. This rally will come alongside SHIB and other meme coins.
These signals indicate that the digital currency is poised for more rally ahead. Despite its impressive growth, Dogecoin remains volatile, with price movements often influenced by social media trends and speculative trading. Investors are advised to exercise caution and consider the risks associated with such investments.
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