The excitement around the Dogecoin cryptocurrency has eventually resulted in scams. So much so that Dogecoin released an alert for all cryptocurrency holders just hours after these scams were exposed on Twitter during Elon Musk's Saturday Night Live appearance. Dogecoin has issued a warning against falling for any promises or giveaways that claim to multiply your cryptocurrency holdings, as these are basically scams. This follows the discovery that scammers were using unused but currently inactive Twitter accounts to advertise these giveaway scams.

These giveaways operate by asking cryptocurrency holders to send a certain amount of crypto coins to an address listed on the scam page in exchange for the promise of multiplying their coins. The scammers aren't all interested in Dogecoin. Scams involving other cryptos, such as Bitcoin and Ethereum, have also been recorded. “A word of caution: Don't trust people who claim to multiply your money by doubling, tripling, or otherwise multiplying it. Those are just ruses. We are therefore unable to refund your funds. Please be cautious, and note that if anything seems too good to be true, it probably is,” Dogecoin writes in a tweet.

In this scam, unsuspecting users send their crypto coins to these accounts, who then fail to deliver the promised returns and disappear with your money. Scammers have made at least $97,054.62 over the past two days, according to data shared with Bleeping Computer by the MalwareHunterTeam on Twitter, who also shared data with Bleeping Computer. But this isn't the first time anything like this has happened. In a giveaway scam promoted on Twitter in 2018, scammers made as much as $180,000, with one of the scammers replying to an Elon Musk tweet with the link to the scam.

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There was a lot of excitement over the weekend when Elon Musk hosted Saturday Night Live, with high hopes that as the most high-profile supporter of the Dogecoin cryptocurrency, we'd see a huge increase in the cryptocurrency's value. At the very least, that is what someone who owns crypto coins wished for. That didn't happen, and the currency plummeted after Musk referred to it as a "hustle" on Saturday Night Live. Dogecoin began as a joke and a lighthearted alternative to Bitcoin in 2013, but it gained traction after Musk suggested that people buy more Dogecoins in a tweet a few weeks ago.

Musk was constantly pushed by the hosts on SNL to clarify "What is Dogecoin," and although he did mention Dogecoins taking over the planet, the fact that he said "Yeah, it's a hustle" caused the cryptocurrency's value to plummet.

Elon Musk's SpaceX, on the other hand, is delivering on his promises. “SpaceX is going to place a literal Dogecoin on the literal moon,” Elon Musk had tweeted on April 1, prompting some speculation. It is taking place. To the moon with Dogecoin. In a literal sense. DOGE-1, a satellite launched by SpaceX on a Falcon 9 rocket in the first quarter of 2022, will be the first of its kind. The cryptocurrency Dogecoin is now accepted by SpaceX. The DOGE-1 is a cubesat that uses onboard cameras, sensors, and communications systems to gather what is known as lunar-spatial intelligence.

Geometric Energy Corporation (GEC) announced the DOGE-1 flight, claiming that it would be the first-ever commercial lunar payload charged entirely in DOGE.