According to some analysts, emerging technical chart patterns could raise the price of Dogecoin by over 1,000%.
Dogecoin overtook Porsche, a long-time market cap laggard, thanks to endorsements from Elon Musk and speculation about a possible Dogecoin exchange-traded product (ETP).
Dogecoin rose over 175% during the past month to an over $57.8 billion market capitalization, surpassing Porsche’s $56.1 billion market cap, as of 8:Cointelegraph data indicates that 34 am UTC on Nov. 27.
This year saw Dogecoin have a strong possibility of accelerating in 2024, mainly due to the social media support from billionaire Elon Musk.
Elon Musk’s DOGE Agency And ETP Launch Propel Dogecoin Rally
Recent interest has been stoked following the billionaire’s involvement in creating the Department of Government Efficiency (DOGE), which is an agency ‘driven by cutting government spending and reducing regulations,’ according to its website.
The new agency had the same acronym as the DOGE memecoin ticker symbol, prompting some retail investors to point to the Dogecoin rally that was about to come.
Other developments have also benefited Dogecoin, including the announcement on Nov. 26 of the first DOGE-backed ETP from a subsidiary of DeFi Technologies, Valour.
A statement said that in light of the recent US presidential election results and the subsequent surge in demand for Dogecoin, which is bolstered by figures such as Elon Musk, the asset manager Johanna Belitz, head of Nordics at Valour, launched Valour DOGE ETP.
Dogecoin’s growth, driven by increased interest, has seen it overtake Porsche’s market cap over a year, up 395% versus down 34% for Porsche.
In April 2023, Porsche was worth $117 billion; according to CompaniesMarketCap data, it has since fallen more than 56% to $56.1 billion. Dogecoin, meanwhile, continues to be helped by Musk’s continued X posts.
Emerging technical chart patterns are betting on a 1,000 DOGE rally potential, say some crypto traders. According to an X post by Trader Tardigrade, Dogecoin is currently on its way to making its price history circle again based on the Gaussian channel.
A Gaussian channel is a signal that gives the market traders the ability to determine Whether the channelling price is going on the upper or the lower channels of asset distribution.
