Well, I’m standing on the table, I’m proposing a toast to the king

from Bob Dylan – Summer Days Lyrics on Rap Genius

Meaning

Considering the sound of the song is a throwback to the early days of Rock n' Roll particularly the rockabilly sound, the King might very well be Elvis Presley. “proposing a toast to the King” perhaps Dylan saluting Elvis with a rockabilly song of his own? Strong possibility. We know that Elvis was very important to Bob.

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