Token Following Dogefather Theme Explodes After Elon Musk's Latest Post

Elon Musk, CEO of Tesla and SpaceX, once again caused a stir in the crypto market after his latest post on the X platform. With immense influence and a large following, Musk's posts, especially those related to memecoins or his nicknames, always attract strong attention from the online community as well as investors. In a post on February 20, Musk shared a picture of himself holding a chainsaw with the prominent words "The Dogefather" in the background.

The term 'Dogefather' has become synonymous with Musk in the crypto community, especially as he is the one who has promoted the prominence of Dogecoin (DOGE) in recent years. This nickname has been widely recognized after Musk's appearance on the Saturday Night Live (SNL) show in 2021, when he referred to himself as the 'Dogefather', creating a strong wave of investor interest. Musk's latest post quickly had a strong impact on the market of tokens with the Dogefather theme. The Dogefather token (DOGEFATHER) surged 100%, reaching a price of 0.0015 USD, the highest price since the end of January 2025. The DogeFather token (DOGEFATHER) also recorded a 97 percent increase, with the trading price reaching $0.0040. This bull run did not stop at the two prominent tokens but also spread to new tokens with a similar theme, which quickly saw an explosion in value within hours of being launched.

However, this is not the first time Musk's social media activity has had a strong impact on the crypto market. Previously, when he changed his username to “Kekius Maximus” and “Harry Bōlz“, related tokens also witnessed significant growth. In particular, at the end of January, the price of DOGE experienced a substantial increase after the US Government Accountability Office featured the logo of this memecoin on its official homepage. Although the explosive value of Dogefather tokens is an undeniable fact, there is a point that needs to be clarified that the photo Musk shared is a digitally edited product. The original photo was taken at the Conservative Political Action Conference (CPAC) on February 20, 2025, where Musk appeared with Argentine President Javier Milei. At this event, President Milei gave Musk a finely decorated power saw as a symbol, demonstrating a determined attitude towards reforming the bureaucratic system. "This is a saw blade for a metal cutting machine," Musk humorously shared. This action is related to Musk's work at the Ministry of Government Efficiency, known for government cost-cutting efforts and reducing the number of federal employees, with the chainsaw becoming a symbol of these reforms. Previously, President Milei has also used a chainsaw multiple times in public events in Argentina to demonstrate the government's determination to cut spending, a hallmark policy of his. Recent events not only reflect Elon Musk's strong influence in the cryptocurrency sector, but also show how skillfully he combines social media and political elements to make a far-reaching impact. It is certain that, in the future, every move of Musk will continue to attract great attention and influence the crypto market.