But now there is another reason to worry about DOGE: Scammers are capitalizing on increased interest in its actions in order to defraud people of cryptocurrency, according to the online protection company McAfee, which researches and monitors digital scams.

If Musk offers tax refunds in crypto, “it would be an extreme headache and ripe for potential fraud,” one expert said.

The crypto market is down today by over 8% and Dogecoin price has seen a significant fall as thousands of other cryptocurrencies suffer hefty overnight losses today.  Dogecoin holders who have been affected are wondering if Elon Musk can once again wield his influence to pull this beloved meme coin out of the red.

Elon Musk's latest tweet featuring a photoshopped image of himself wielding a chainsaw with "The Dogefather" in the background.