Elon Musk’s comment regarding law enforcement actions against Reddit users who targeted DOGE employees led to a 5% increase in the cryptocurrency he favors.
On February 4, Elon Musk, the Head of the Department of Government Efficiency, reacted to a post from a well-known Reddit account named Reddit Lies, which uncovered multiple anonymous users threatening employees of Musk’s department with violence. Many of these comments called for the execution of these employees and suggested locating them by discovering their homes.
Musk shared this post with his audience, stating, “They [Reddit users] have broken the law” by making threats against employees of the new department.
Shortly thereafter, Musk published a follow-up that included a statement from U.S. Attorney for the District of Columbia, Edward R. Martin Jr. In this statement, Martin Jr. indicated that his team had conducted an initial assessment of the evidence showing individuals and groups explicitly targeting DOGE employees.
“We are coordinating with the FBI and other law enforcement agencies to take swift action. Our prosecutors are also preparing,” stated Martin Jr. publicly, with Musk adding, “Don’t mess with DOGE.”
The excitement around DOGE on social media has clearly contributed to its token-namesake, Dogecoin (DOGE). As per data from crypto.news, DOGE has risen over 5% in the last 24 hours, currently trading at $0.27.
However, trading activity for DOGE has declined. In the previous 24 hours, Dogecoin’s trading volume has plummeted by more than 43% to $6 billion. Dogecoin’s market capitalization now stands at $40 billion, with a circulating supply of 147 billion tokens.
In November 2024, Donald Trump announced a new initiative designed to enhance the efficiency of federal operations, naming it the Department of Government Efficiency. The abbreviation “DOGE” serves as a nod to Dogecoin’s ticker, which is also Elon Musk’s preferred cryptocurrency.
Elon Musk was appointed to head DOGE alongside politician Vivek Ramaswamy, although Ramaswamy announced his intention to resign from the position on January 21.
