Leading meme coin Dogecoin has overtaken German luxury automaker Porsche in terms of market cap, catapulted by the launch of an exchange-traded product (ETP) for DOGE in Nordics and endorsement from billionaire Elon Musk.
Dogecoin spiked 165.5% over the past month to reach a market cap of over $57.6 billion, effectively exceeding Porsche’s $54.89 market value, according to data tracked by CompaniesMarketCap.
First-Of-Its-Kind Dogecoin ETP
Valour, a subsidiary of Canadian digital assets firm DeFi Technologies, announced the launch of a Dogecoin exchange-traded product (ETP) on Tuesday, which widens investors’ access to the multi-billion dollar meme coin in Sweden.
The Valour Dogecoin (DOGE) SEK ETP is now listed on Sweden’s Spotlight Stock market and features a management fee of 1.9%, as per a Nov. 26 press release. The product was touted as investors’ first-ever option for a “simple and secure way to gain exposure to DOGE” in the country.
“Introducing the first Dogecoin ETP in the Nordics represents a significant milestone in our mission to democratize access to digital assets,” Valour’s Head of Product Elaine Buehler said in a statement. “We are excited to provide investors with a regulated product that captures the essence of Dogecoin’s dynamic market presence.”
In the United States, investment vehicles offering traditional investors exposure to the spot price of crypto assets are currently limited to just Bitcoin and Ether (ETH). However, it seems that as companies apply with the Securities and Exchange Commission for Solana and XRP exchange-traded funds, Dogecoin could also potentially hit Wall Street.
With the new ETP, Valour seeks to allow investors to gain exposure to Dogecoin, the seventh-largest crypto asset by market cap without the hassle of buying and storing the crypto themselves.
Johanna Belitz, Valour’s Head of Nordics, cited a massive increase in Dogecoin demand following the U.S. presidential election as one of the product’s key motivators. She also noted that eccentric tech billionaire Elon Musk has recently boosted Dogecoin’s prospects.
“The growing popularity of Dogecoin, bolstered by influential figures like Elon Musk, highlights our commitment to delivering innovative and diversified investment opportunities,” she added.
Elon Musk Boost
As one of Dogecoin’s most outspoken high-profile supporters, Musk has sparked fresh interest in Dogecoin through President-elect Donald Trump’s new proposed federal agency, the Department of Government Efficiency (D.O.G.E), which Musk was recently appointed to co-lead with pro-crypto entrepreneur Vivek Ramaswamy.
Since the new agency has the same acronym as the DOGE meme coin’s ticker, some investors believe this is a sign of a forthcoming parabolic rally.
Meanwhile, some technical analysts are foreseeing a potential 1,000% DOGE rally due to some bullish chart patterns. As ZyCrypto covered earlier, Trader Tardigrade postulated that DOGE is on the verge of repeating its historical price trajectory based on the little-known Gaussian channel.
