Elon Musk, CEO of Tesla and SpaceX, has sparked a dramatic surge in Dogefather-themed tokens with his latest post on X (formerly Twitter).
Musk’s posts, particularly those mentioning meme coins or his nicknames, frequently spark considerable attention on social media, owing to his extensive following and strong influence within the crypto community.
Musk Triggers Dogefather Price Rally
Musk posted an image of himself on X, holding a chainsaw with the text “The Dogefather” prominently displayed in the background.
“This is a real picture,” the caption read.
The term “Dogefather” is a long-standing nickname for Musk in the cryptocurrency community. It is a playful reference to his connection with Dogecoin (DOGE). This nickname gained traction when Musk appeared on Saturday Night Live (SNL) in 2021, where he referred to himself as the “Dogefather.”
Following Musk’s latest post, multiple tokens branded with the Dogefather name experienced an explosive rally. The Dogefather (DOGEFATHER) token surged by 122%. At press time, it traded at $0.0015, marking its highest price since late January 2025.
Dogefather Tokens Price Performance. Source: GeckoTerminal
Additionally, The DogeFather (DOGEFATHER) also rose by triple digits. Its 137% rise pushed its trading price to $0.0040. The rally didn’t stop there. Several other similarly themed tokens also saw price spikes. Moreover, opportunistic developers even launched new Dogefather-named tokens that skyrocketed in value within hours of their creation.
Meanwhile, this isn’t the first time Musk’s social media activity has moved markets. Previously, when he changed his username to “Kekius Maximus” and “Harry Bōlz,” the associated tokens saw massive gains.
Likewise, in late January, DOGE saw a notable surge after the US Department of Government Efficiency prominently displayed the meme coin’s logo on its official homepage.
President Milei Gifts Chainsaw to Musk
Despite the price impact, it’s important to note that the image in question was, in fact, digitally altered. The original picture was from the Conservative Political Action Conference (CPAC) on February 20, 2025, where Musk made an appearance.
According to reports from the BBC, the real event featured Argentine President Javier Milei presenting Musk with an ornate chainsaw as a symbolic gesture.
“This is the chainsaw for bureaucracy,” Musk said.
This gesture is said to be linked to Musk’s work with the Department of Government Efficiency (DOGE), a role he holds under the Donald Trump administration. Musk has been working to cut US government spending and reduce the federal workforce.
Previously, Milei has often used a chainsaw as a prop in public appearances in Argentina to symbolize his reduction of government expenditures.
