Musk shared a picture of himself standing in front of a chainsaw, with “The Dogefather” in the background. The nickname, tied to his support for Dogecoin (DOGE), became popular after his 2021 Saturday Night Live appearance.
Following the post, several tokens with the Dogefather name saw huge price jumps. The Dogefather (DOGEFATHER) token surged 122% to $0.0015, its highest price since January 2025. Another token, The DogeFather (DOGEFATHER), climbed 137% to $0.0040. New Dogefather-themed tokens also emerged, quickly gaining value.
Musk’s posts often trigger market reactions. Tokens associated with his social media personas, such as “Kekius Maximus” and “Harry Bōlz,” saw huge gains beforehand. DOGE also spiked in January after a government website featured its logo.
But the image Musk posted was false. The picture that was originally taken occurred at the Conservative Political Action Conference (CPAC) on February 20, 2025. Argentine President Javier Milei had given Musk an elaborate chainsaw as a symbolic gift at the event.
Milei, known for using a chainsaw in Argentina to represent budget cuts, made the gesture to honor Musk’s role in reducing government spending under Donald Trump’s administration.
Despite the edited image, Musk’s influence on crypto remains as strong as ever.
