From joke to giant: Dogecoin surpasses Porsche in value
Dogecoin (DOGE) has achieved a remarkable feat by surpassing Porsche in market value. In the early morning of Nov. 28, the memecoin, which was founded in 2013 as an Internet joke, reached a market capitalization of $57.8 billion, while Porsche stood at $56.1 billion. Dogecoin’s impressive rise is due to several factors, including Elon Musk’s open support on social media. Musk’s involvement in the creation of the Department of Government Efficiency (D.O.G.E.) seems to give a subtle nod to memecoin, given the similarity in abbreviations. Moreover, the launch of the first Dogecoin-based ETF has further fueled interest in the currency.
Bitwise proposes Bitcoin-Ethereum ETF
Bitwise Asset Management has submitted a proposal to the U.S. Securities and Exchange Commission (SEC) for a new type of fund, the Bitcoin-Ethereum ETF. Exchange-Traded Funds (ETFs) are mutual funds traded on exchanges and allow investors to invest in cryptocurrencies without having to buy or manage them themselves. The Bitcoin-Ethereum ETF, a fund that tracks the value of both cryptocurrencies, thus allows investors to benefit from the price movements of both Bitcoin and Ethereum.
Morocco takes steps toward regulation of crypto
Morocco’s central bank, Bank Al-Maghrib, is working with the government on a bill to provide the legal basis for crypto activities in the country. The decision to officially legalize cryptocurrency after a six-year ban comes as a result of the growing acceptance of digital currencies worldwide and the desire to regulate the market. Legalization not only provides clarity for businesses and investors, but also allows Morocco to compete internationally, especially as other countries such as Europe introduce their own crypto regulations inspired by MiCA legislation.
