Dogecoin rises over 5% after Elon Musk threatens DOGE haters with federal action

Elon Musk's Support for Reddit Investigation Boosts Dogecoin

Elon Musk's condemnation of Reddit users targeting DOGE employees fueled a 5% surge in his preferred cryptocurrency.

On February 4, Musk amplified a post from Reddit Lies, exposing anonymous users threatening violence against DOGE staff. Musk labeled the threats as illegal and shared a statement from U.S. Attorney Edward R. Martin, Jr.

In the statement, Martin Jr. revealed that his office, in collaboration with law enforcement agencies, was investigating the individuals and groups responsible for the threats.

Musk's support for the investigation has garnered attention online, driving up the value of Dogecoin. According to crypto.news, DOGE has risen over 5% in the past 24 hours, currently trading at $0.27.

Despite the market activity, Dogecoin's trading volume has declined by 43% to $6 billion. The cryptocurrency's market capitalization remains at $40 billion, with a circulating supply of 147 billion tokens.

In November 2024, Elon Musk and Vivek Ramaswamy were appointed to lead the newly established Department of Government Efficiency (DOGE). The acronym pays homage to Dogecoin, a cryptocurrency favored by Musk.

Musk's involvement in DOGE has attracted attention, including the resignation of Ramaswamy on January 21.