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.

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.

DOGE has been in the news for its role in cutting federal workers. Here's everything you need to know about it and how Elon Musk is involved.