Elka does something similar to that every once in awhile, and has since she was a puppy. (anthropomorphism alert!) When she does it, she seems to be pretending her paw is a monster.
Well, in Elka's case, to me it's obvious that she's playing. She'll also mouth in a similar manner a toy that she's covered with a blanket.That's exactly what it looks like. Almost like he's pissed at his own paw.
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