The latest Chainsaw Man chapter was bizarre, to say the least. It featured the start of the battle between Fakesaw Man vs Denji and Yoru. The pair's attacks seemed to affect the imposter, but he proceeded to do something that put the series' protagonist in a tough position—he absorbed the nearby Chainsaw People and made them his appendages.
Thus, as it stands, Denji cannot attack Fakesaw Man without harming the people he absorbed. This fight might prove to be among the more difficult ones the teen has faced.
But it also parallels a certain antagonist who appeared in Part I of the manga, i.e., Santa Claus. At a point in the story, she too did something similar to Fakesaw Man and took on a grotesque appearance. To add to the Fakesaw Man, Denji might have other issues to deal with as well.
Disclaimer: This article is a speculative theory and reflects the writer's opinion.
Chainsaw Man: Latest chapter draws Part I villain parallel and teases more character development for Denji
As mentioned, Fakesaw Man's new appearance parallels what Santa Claus did in Part I of the manga. Addressing the latter first, Santa Claus made their first appearance during the International Assassins Arc as one of the assassins hunting Denji. Their true appearance remained unknown as three distinct "perfect" dolls were used to appear as the person.
But Santa Claus’s presumed main body is that of a dark blue-haired women with green eyes and a mole under her eye. During the arc, she consumed a piece of the Darkness Devil's flesh and transformed into something grotesque. As she was in a pile of dolls, her body took on several doll arms and appendages. Her legs were formed out of doll heads.
As the night progressed, her transformation continued as she grew larger and evolved to look even more Devilish. Interestingly, horns grew out of her head, similar to what the Darkness Devil had and the change was complete with sharp teeth. This transformation is paralleled in Chainsaw Man chapter 202 when Fakesaw Man absorbed and made arms out of the Chainsaw People.

With that likeness established, this may also be foreshadowing another phase of development for Denji. Kicking it off was likely Yoru killing the civilian, who Denji was attempting to save. That brought to the realization that no matter how attractive she looked and closely resembled Asa, Yoru the War Devil was a Devil after all and nothing could change that.
Next, the two arcs after the international assassins' attack were points of major development for Denji. For starters, he was compelled to take Aki's life when he became the Gun Hybrid. Aki was one of his closest allies. Later, he witnessed Makima kill Power, becoming too stunned to speak. Finally, Makima's manipulation reached its peak, unleashing Pochita and it soon led to the final Denji vs Makima face-off.
This would translate into Part II through the Fakesaw Man and what might happen between Denji and Yoru. For the time being, the issue at hand was dealing with the imposter. After that, he would need to see to Yoru as well, who proved herself to be as chaotic and diabolical as ever. Denji may be forced to face his feelings for Asa and Yoru individually, as well as possibly deal with the Death Devil next.
In conclusion

To conclude, Chainsaw Man’s most recent installment delivers on grotesque visuals and action whilst suggesting deeper thematic echoes from Part I. This comes in the form of the parallels between Fakesaw Man and Santa Claus. The merging of bodies, distorted transformations, and the moral trap Denji now faces are indicators to a moment of reckoning, similar to his past trials with Aki, Power, and Makima.
With the imposter reducing Denji's avenues of attack and increasing collateral damage, the emotional stakes are higher. Again, this is supplemented by Yoru's recent ruthless antics that will compel Denji to confront the reality of those around him. The ongoing bout might turn out to be the start of a larger arc of personal evolution for Denji—his understanding of love, identity and loyalty will be challenged.
In case it holds true, fans are experiencing the setup for another transformation in the narrative—physically and emotionally in Denji’s character.
Related links:
- Chainsaw Man chapter 202 all but confirms Fakesaw Man's identity (& it's not Barem or Iseumi)
- Chainsaw Man chapter 202: Fakesaw Man's challenge to Denji teases him as the Fire Devil
- Yoshida's unique powers in Chainsaw Man may be due to this Devil contract rule