The recent statement from Elon Musk regarding Reddit users who targeted Department of Government Efficiency workers resulted in Dogecoin achieving a new price high that created a 5% increase.
On February 4, Musk approved a Reddit Lies post which revealed users anonymously threatening to harm DOGE employees. Other Reddit posts advocated for executing employees and proposed monitoring their workplace locations. The post was shared by Musk alongside his comment about the law infringement of Reddit users.
They have broken the law. https://t.co/KupH9lTOv9
— Elon Musk (@elonmusk) February 3, 2025
Dogecoin Volatility Follows Musk’s Post
The review of potential threats by U.S. Attorney for the District of Columbia Edward R. Martin Jr. against DOGE employees was later announced by Musk. Martin declared that both FBI and other law enforcement departments were actively involved with prosecutors who were preparing legal actions against those responsible. Musk used his social media platform to advise the audience not to challenge DOGE.
The growing DOGE controversy increased market interest leading to Dogecoin’s price reaching $0.27 with a more than 5% boost. The trading volume exhibits significant decline since it dropped by 43% throughout the last 24 hours to reach $6 billion. The market capitalization of Dogecoin stands at $40 billion while its circulating tokens total 147 billion units even though its market value has declined.
The Department of Government Efficiency launched during November 2024 as Donald Trump introduces a federal plan to improve government efficiency operations. The department uses the acronym DOGE as a symbolic reference to Dogecoin’s ticker symbol which highlights Musk’s celebrated interest in cryptocurrency.
Musk took leadership of DOGE together with politician Vivek Ramaswamy until Ramaswamy stepped down from his position on January 21.The strong market influence which Elon Musk maintains becomes evident through the price changes Dogecoin recently underwent despite the existing political disputes. Short-term DOGE price gains were observed yet falling trading volumes signal investors have unclear feelings about the market.
The ongoing investigations by law enforcement agencies about the threats might result in developments which will influence political conditions and marketplace patterns. Authorities are currently assessing potential legal actions against the individuals participating in the situation.
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