- Tokens associated with the Dogefather brand, such as DOGEFATHER, surged over 120%, while newly created Dogefather-themed tokens quickly gained value.
- This incident highlights Musk’s consistent ability to move cryptocurrency markets with his social media posts.
Elon Musk, CEO of Tesla and SpaceX, has again caused crypto markets to go into a tailspin with one tweet. His recent activity on X (formerly Twitter) ignited a dramatic rally in several Dogefather-themed tokens, again demonstrating his immense power over the crypto market.
Elon Musk’s Post Ignites Dogefather Token Surge
Musk posted a photo of himself wielding a chainsaw, with the phrase “The Dogefather” clearly in the background. The post, which said “This is a real picture,” rapidly gained popularity, generating speculation and hype throughout the crypto community.
The name “Dogefather” has been closely linked with Musk ever since he publicly supported Dogecoin (DOGE). His adoption of the meme currency started when he guest-starred on Saturday Night Live (SNL) in 2021 and referred to himself as the so-called “Dogefather,” as reported by CNF then.
As a follow-up to Musk’s posting, a few tokens associated with the Dogefather brand registered huge price rises. One, The Dogefather (DOGEFATHER), rose a whopping 122%, hitting an exchange price of $0.0015—the highest it had been since January’s end. Another token similarly named, The DogeFather (DOGEFATHER), rose 137%, to a price of $0.0040.
The boom did not end with these well-established tokens. New Dogefather-branded cryptocurrencies appeared in the hours after Elon Musk’s tweet, with opportunistic coders riding the viral wave. Some of the new tokens saw their prices jump immediately, following previous patterns whenever Musk engages with the cryptocurrency community.
Musk’s Market-Moving Power
This is not the first time Musk’s social media behavior has caused abrupt market activity. In past cases, when he changed his handle to “Kekius Maximus” and “Harry Bōlz”, tokens of the same names experienced significant appreciation.
A similar pattern unfolded in late January when the US Department of Government Efficiency (DOGE) featured Dogecoin’s logo on its website unexpectedly, as mentioned in our previous article. That action contributed to DOGE’s price to go up, showing how things outside and Musk-related ramifications affect the meme coin’s performance.
In spite of the buzz about Musk’s tweet, the photo itself was photoshopped. The original picture was snapped at the Conservative Political Action Conference (CPAC) on February 20, 2025, where Musk was in attendance.
As reported by the BBC, the actual photo was taken at a moment between Musk and Argentine President Javier Milei, who presented him with an ornate chainsaw. The gift had symbolic significance since Milei has often utilized chainsaws to symbolize his attempts to cut government spending in Argentina.
Musk, recognizing the importance of the gift, commented, “This is the chainsaw for bureaucracy.” His remark is consistent with his present role in the US Department of Government Efficiency in the Trump administration, where he has been busy promoting federal spending reduction.
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