Elon Musk is at it again. His latest post on X (formerly Twitter) has sent the crypto market into a frenzy, with Dogefather-themed tokens soaring in value within hours.
Musk, known for his playful influence over meme coins, shared an edited image of himself holding a chainsaw, with the words “The Dogefather” in the background. His caption? “This is a real picture.”
That was all it took.
Dogefather Tokens See Explosive Gains
The post quickly ignited a surge in Dogefather-branded tokens, some reaching their highest prices since late January, while others more than doubled in value. In response, opportunistic developers launched brand-new Dogefather tokens, many of which skyrocketed in price within hours.
This isn’t the first time Musk’s online activity has triggered crypto rallies. In the past, his nickname changes to “Kekius Maximus” and “Harry Bōlz” led to meme tokens inspired by those names exploding in value. Even Dogecoin (DOGE) saw a major pump in late January when its logo unexpectedly appeared on the U.S. Department of Government Efficiency’s website.
The Truth Behind Musk’s Chainsaw Image
While the image Musk posted may have looked real, it was actually edited. The original photo was taken at CPAC (Conservative Political Action Conference), where Musk was presented with a chainsaw by Argentine President Javier Milei.
“This is the chainsaw for bureaucracy,” Musk reportedly said, referencing his new role under the Trump administration, where he is focused on cutting government spending and reducing the federal workforce.
Milei, who has made drastic economic reforms in Argentina, has also frequently used a chainsaw in public as a symbol of his commitment to slashing government expenditures.
Musk’s Unmatched Influence on Meme Coins
Musk’s ability to shake up the crypto market with a single post continues to prove his dominance over meme coin culture.
