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The Tesla CEO's recent Twitter post has sparked a rally in DOGE-themed meme coins.
Musk is known to influence the meme coin market with his social media posts, thanks to his large follower base and his impact in the crypto space.
Musk Unleashes A New rally doge themed
Recently, Musk posted a photo in which he appears with a chainsaw. The image contained the words "The Dogefather" in the background.
In the caption he added:
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In the crypto world, Elon Musk is known as "The Dogefather", a title related to his relationship with the DOGE coin meme. The nickname became popular after Musk referred to himself as "Dogefather" during Saturday Night Live (SNL) in 2021.
Following Musk's post, tokens with the name Dogefather have experienced explosive growth. The meme coin The Dogefather (DOGEFATHER) rose 122%, reaching a price of $0.0015.
Another token, DogeFather (DOGEFATHER), saw a 137% surge, reaching $0.0040.
The effect was not limited to these coins: other similar tokens also saw significant rises. In addition, many developers have released new meme coins with names inspired by Musk's post, resulting in extraordinary gains.
Not The First Time
Elon Musk's posts have often influenced crypto prices. In the past, he changed his username to "Kekius Maximus" and "Harry Bolz", causing a surge in related tokens.
Every time Musk publishes something related to meme coins, the price of those tokens tends to fluctuate, often upwards.
For example, in January, the Department of Government Efficiency (DOGE) displayed an image of the DOGE meme coin, causing its price to rise significantly.
The Chainsaw Story
The chainsaw Musk is holding was donated to him by the Argentinean president Javier Milei. However, the image posted by Musk has been edited: in fact, the photo comes from the CPAC (Conservative Political Action Conference) on 20 February 2025.
In Argentina, Milei used the chainsaw as a symbol of his policy of cutting public spending. This gesture ties in with Musk's work in the Department of Government Efficiency, where he is trying to reduce costs and the workforce.
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