The capitalization of the Dogecoin memcoin has surpassed the capitalization of the German automaker Porsche. The asset’s value on Cointelegraph exceeded $57.8 billion. The value of the car manufacturer is just above $56 billion.
The growth in memcoin’s capitalization occurred against the backdrop of increased activity by American billionaire Elon Musk, who periodically mentions Dogecoin on X (formerly Twitter) and during public speeches. Memcoin was given impetus by the news of the creation of the Department of Government Effectiveness (DOGE) in the United States, which will be headed by Musk.
The activity around the new department is spurring the interest of users and investors in the coin due to a similar acronym, Cointelegraph noted.
An additional catalyst for the growth of the asset was the news that Valour announced the launch of the first exchange product based on Dogecoin on the Swedish market. According to the firm’s management, the initiative ensures that investors have a way to acquire an asset without outright purchasing it.
The GMCI Meme index has grown by 90% in a month. The main reason was the listings of memcoins such as PEPE and WIF on Coinbase and Robinhood.
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Source: Cryptocurrency
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