Elon Musk's "Dogefather" Post Sparks Crypto Surge

Elon Musk's latest post on X (formerly Twitter) has sparked a dramatic surge in Dogefather-themed tokens, with the CEO's extensive following and strong influence within the crypto community driving significant attention and investment.

Musk posted an image of himself holding a chainsaw with the text "The Dogefather" prominently displayed in the background. The caption read, "This is a real picture." The term "Dogefather" is a long-standing nickname for Musk in the cryptocurrency community, referencing 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. Additionally, The DogeFather (DOGEFATHER) also rose by triple digits, with its 137% rise pushing its trading price to $0.0040. The rally didn't stop there, as several other similarly themed tokens also saw price spikes. Opportunistic developers even launched new Dogefather-named tokens that skyrocketed in value within hours of their creation.

This isn't the first time Musk's social media activity has moved markets. Previously, when he changed his Twitter handle to "Lil X," and later to "420.69," both Dogecoin and Bitcoin 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.

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