Recently, Dogecoin 
$0.398781 (DOGE) has garnered renewed attention due to Elon Musk’s social media activity, generating expectations for a significant price increase. The anticipation is fueled by new technical formations in its charts, which suggest the potential for a price rise of up to 1000%. Musk’s support and plans for a new exchange-traded product (ETP) for Dogecoin are critical factors behind this altcoin‘s upward trajectory.
Dogecoin Surpasses Porsche’s Market Value
In the past month, Dogecoin has increased in value by over 175%, reaching a market capitalization of $57.8 billion. This milestone allows it to surpass Porsche’s market value of $56.1 billion.
Musk’s interest in Dogecoin has played a pivotal role in this surge. His social media posts and the establishment of the “Department of Government Efficiency” (DOGE) in the U.S. have heightened investor interest in the altcoin. The coincidence of the acronym DOGE with Dogecoin has directed individual investors’ expectations upward.
Moreover, Dogecoin’s rise accelerated with the announcement of Valour’s DOGE-based first exchange-traded product. The company noted the increasing demand for Dogecoin and support from influential figures like Musk, making the DOGE ETP launch another factor strengthening the altcoin’s market value growth.
Technical Analysis Signals Significant Upsurge
Cryptocurrency experts indicate that Dogecoin’s price charts present a promising outlook. An analyst named Trader Tardigrade suggests that the altcoin could replicate past price movements using the “Gaussian channel” indicator, showcasing a striking upward potential.
The Gaussian channel serves to set upper and lower limits on a asset’s price movements. Analysts believe that Dogecoin could rise within this channel, with predictions suggesting a potential increase of up to 1000%. Meanwhile, the decline in Porsche’s valuation has made Dogecoin’s ascent more pronounced. Porsche’s market value fell from $117 billion in April 2023 to $56.1 billion, a 56% drop, while Dogecoin gained 395% in the same period.
