Dogecoin is now worth more than Porsche and Volkswagen

Dogecoin is experiencing a second spring. The memecoin has now reached a higher value than some major German car manufacturers.

In recent weeks, Dogecoin made an impressive comeback. Since the election of Donald Trump, the value of this original memecoin has risen more than 170 percent.

As a result, DOGE is currently worth more than well-known German car brands such as Porsche, BMW and Volkswagen. According to a Companies Market Cap ranking, Dogecoin currently has a market capitalization of about $58 billion. By comparison, Porsche comes in at $54 billion, BMW at $43 billion and VW at $44 billion.

A key driver behind Dogecoin's rise is Elon Musk. The tech billionaire has long been known as a strong supporter of memecoin. Along with the pharmaceutical company Vivek Ramaswamy, he is involved in a new government project, the Department of Government Efficiency, or DOGE.

Other crypto currencies rise even further in the rankings. Solana, with a market capitalization of $111 billion, trailed companies such as Intel, Dell and BYD.

Ethereum is doing even better with a market capitalization of about $414 billion, surpassing streaming giant Netflix.

At the top is Bitcoin, the original cryptocurrency. This "digital gold" recently ousted Saudi Aramco, the world's largest oil company, from the second spot and now stands at about to overtake Internet giant Google.