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.

What exactly is Elon Musk's role in the US Government? Doge explained - The world’s richest man has already sparked several controversies in this advisory role, frequently expressing frustrations or a

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.

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.