Elon Musk is at it again. One tweet from him was enough to set off a wave of FAFO-themed memecoins, flooding the crypto market with random low-value tokens.
It all kicked off on February 23 when Musk jumped into a conversation on X (formerly Twitter) about whether DOGE should get a new name, “Federal Agency for Financial Oversight (FAFO).”
To that, Musk replied, “Maybe FAFO can be the enforcement arm of @DOGE.” That was all it took for memecoin creators to jump in.
Maybe FAFO can be the enforcement arm of @DOGE
— Elon Musk (@elonmusk) February 22, 2025
Since then, hundreds of FAFO-themed tokens have emerged, most with tiny market caps and no trading volume.
Pump.fun Flooded With Fake Fafo Memecoins
Source: Pump.Fun
However, a few have managed to stand out:
FAFO (FAFO) – peaked at a $349,494 market cap with a trading volume of $230K.
F**k Around & Find Out (FAFO) – sitting at a $48,045 market cap but zero volume.
FederalAgencyFinancialOversight (FAFO) – with an $8,888 market cap and no volume.
Fafo (FAFO) – an $8,134 market cap and no volume.
This isn’t the first time a viral moment on X has led to an explosion of memecoins. Recently, when Kash Patel was appointed as the next FBI director, Pump.fun was flooded with fake memecoins using his name.
While some traders chase the hype for quick gains, most of these coins hold little to no real value.