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.

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

Dogecoin (DOGE) has lost 27% of its yearly gain in 30 days, raising investor questions about the king meme coin. However, recent institutional investor interest in the spot Dogecoin ETF and whale actions has revived confidence.