Dogecoin, the popular memecoin backed by billionaire Elon Musk, has surged past the market capitalization of luxury automaker Porsche. Driven by Musk’s endorsements and speculation over a potential exchange-traded product, Dogecoin’s market cap hit $57.8 billion on Nov. 27, surpassing Porsche’s $56.1 billion. The cryptocurrency has climbed 175% over the past month, according to Cointelegraph data.

The spike follows a series of social media promotions from Musk, whose influence has been pivotal in Dogecoin’s growth. His recent role in the formation of the Department of Government Efficiency (DOGE), a U.S. agency aimed at cutting government spending, has further fueled interest in the memecoin.

Bitcoin futures cross $100K for second time, spot price lags

Bitcoin futures on the Chicago Mercantile Exchange (CME) surpassed $100,000 for the second time in a week, reaching $100,200 on Nov. 29. However, the spot price of Bitcoin has yet to hit the same milestone, peaking at $98,600 before retreating.

Market analysts highlighted a surge in trading volumes, particularly in Europe and New York, as a key driver behind the activity. CME Bitcoin futures open interest exceeded 40,000 contracts, while volumes reached $12.3 billion before the U.S. Thanksgiving holiday. A significant price spread between Coinbase and Binance added to the market dynamics.

Solana trader turns $160 into $5.6M in memecoin windfall

A trader on the Solana blockchain turned a $160 investment into a staggering $5.6 million through a viral memecoin called “Just a chill guy” (CHILLGUY). The token, launched on Nov. 15, capitalized on a popular social media meme and saw its market capitalization soar to $643 million by Nov. 27.

Blockchain data shows the trader sold a portion of their holdings early, missing out on a potential $1.6 million profit, but still retains millions of tokens now valued at over $5.6 million.

Crypto hackers steal $71M in November, 2024 total hits $1.48B

Crypto hackers stole over $71 million worth of digital assets in November, according to an Immunefi report. This brings the year-to-date total to $1.48 billion across 209 incidents, reflecting a 15% decline from the same period in 2023.

The largest attack of the month was a $25.5 million exploit on Thala, though the platform managed to recover all stolen assets. Meanwhile, the DEXX trading terminal suffered losses of $21 million in another major breach.

Weekly winners and losers

Bitcoin ended the week at $97,414, while Ethereum settled at $3,591. The Sandbox (SAND) led altcoin gains with an 80% rise, while FLOKI dropped 6.2% as the week’s biggest loser.

Notable quotes from the week

“DeFi in the Bitcoin ecosystem will eclipse DeFi in all ecosystems within 24 to 36 months.”
— Charles Hoskinson, Cardano founder

“The industry is always one attack away from massive damage.”
— Mitchell Amador, CEO of Immunefi