Look, let’s be real for a second. If you’re asking are we getting money back from Doge, you’re probably sitting on a "bag" that’s significantly lighter than it was in May 2021. You aren't alone. Millions of people jumped into Dogecoin when Elon Musk was Tweeting every five minutes and the price was screaming toward $0.74. Then came the Saturday Night Live appearance. Then came the crash.
The short answer? It’s complicated. If you lost money because the price simply went down, "getting money back" isn't really a thing in the way a tax refund or a bank reversal works. Markets move. Sometimes they move over a cliff. But if your money is tied up in a bankrupt exchange or caught in a legal settlement, there might actually be a path forward.
The Difference Between a Market Loss and a Legal Claim
Most people asking this question are actually talking about two very different things. First, there’s the "I bought at $0.60 and now it’s $0.15" crowd. In that case, you haven't technically lost money until you sell, but the market doesn't owe you a "refund." That’s just how trading works. It's brutal. It's volatile. It's Doge.
Then there’s the second group. These are the folks who lost access to their Dogecoin because of platform collapses like FTX, Celsius, or Voyager. Or perhaps they are following the massive class-action lawsuits involving influencers and celebrities who promoted the coin. If you're in this boat, the question of are we getting money back from Doge actually has some legal weight behind it.
The Elon Musk Class Action Lawsuit
You might have heard about the massive $258 billion lawsuit filed against Elon Musk. The plaintiffs essentially claimed that Musk operated a "pyramid scheme" to promote Dogecoin, pumping the price only to let it drop later. This case has been winding through the Southern District of New York for quite some time.
Honesty is the best policy here: these types of lawsuits are notoriously difficult to win. To get money back through this channel, lawyers have to prove "market manipulation." Musk’s defense has consistently been that his Tweets were just "silly" or "aspirational" and didn't constitute financial advice. In late 2024 and early 2025, several motions to dismiss were debated. If the court sides with Musk, the chance of a "payout" for Doge holders vanishes. If it goes to trial? It could take years.
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Don't go planning a vacation based on a settlement check from Elon. It's a long shot.
Bankruptcy Settlements: The Most Likely Way to See Cash
If your Doge was sitting on an exchange that went belly up, you’re in a different line.
Take FTX for example. The estate has been working through liquidating assets to pay back users. But here is the kicker that makes everyone mad: they usually value your "claim" based on the price of the crypto at the time of the bankruptcy filing, not the current market price.
- If Doge was $0.07 when the exchange failed, your claim is for $0.07 per coin.
- Even if Doge shoots up to $1.00 tomorrow, you’re still likely only getting that $0.07.
- The payout is often in USD or stablecoins, not the original Doge you held.
Voyager and Celsius users have seen similar "recovery" plans. Some got back 35%, others 70%, depending on the specific legal "tranches" they fell into. If you haven't checked your email for "Notice of Claim" documents, search your inbox immediately. These windows for filing often close without much fanfare.
Tax Loss Harvesting: The "Guaranteed" Way to Get Money Back
If the legal system fails and the market doesn't rebound, there is one way to technically get "money back" from your Doge losses: the IRS (or your local tax authority).
It’s called tax-loss harvesting.
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Basically, you sell your Doge at a loss to offset your gains in other areas, like stocks or even your regular income (up to a $3,000 limit per year in the US). If you lost $10,000, you can't get that cash back from the market, but you can use it to lower your tax bill for several years. It’s not a "win," but it’s a way to recoup some value.
Why the "HODL" Mentality Can Be Dangerous
We’ve all seen the memes. "1 Doge = 1 Doge." It’s a fun sentiment, but it’s not helpful when you need to pay rent. The psychological trap of waiting for the price to return to its All-Time High (ATH) often prevents people from making smart financial moves.
Crypto cycles are weird. Bitcoin usually leads the way, and Doge follows like a hyperactive puppy. Since Doge has no supply cap—meaning millions of new coins are minted every day—it requires a massive, constant influx of new "hype" just to keep the price stable. Without a new catalyst, the "getting money back" part of the equation relies entirely on a new wave of buyers coming in to pay more than you did.
What You Should Actually Do Right Now
Stop checking the price every hour. It won't help. Instead, take these concrete steps to see where you stand.
First, verify where your coins are. If they are in a "cold" wallet like a Ledger or Trezor, you still own the asset. You haven't lost anything except "paper value." If they are on an exchange, ensure that exchange is solvent. If it's a defunct exchange, find the "Restructuring" website for that specific company (e.g., Kroll for FTX/Celsius) and verify your claim ID.
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Second, look at your cost basis. Did you buy at $0.05 or $0.50? Knowing your "break-even" point helps you decide if it’s worth waiting or if you should take the tax loss and move on.
Third, stay skeptical of "Recovery Services." This is huge. If you see people on X or Telegram saying they can "hack" the blockchain to get your Doge back or that they represent a "Doge Recovery Fund," they are lying. Every single one of them. They are scammers trying to take what's left of your wallet. No one can reverse a blockchain transaction.
The reality of are we getting money back from Doge is that for most, the money is gone into the pockets of those who sold at the top. But by managing your taxes, following bankruptcy filings, and keeping an eye on the Musk litigation, you can at least ensure you aren't leaving any scraps on the table.
Next Steps for Doge Holders
- Check Bankruptcy Status: If you used an exchange that failed, visit the official court-appointed claims portal to ensure your email and contact info are current.
- Calculate Tax Impact: Use a tool like CoinLedger or Koinly to sync your wallets. See exactly how much your "capital loss" could save you on your next tax return.
- Secure Your Assets: If you still hold Doge on a centralized exchange, move it to a self-custody wallet. If we’ve learned anything from the last few years, it’s that "not your keys, not your coins" isn't just a slogan; it's a survival rule.
- Monitor the Musk Case: Follow reputable legal news outlets like Law360 for updates on the Dogecoin class action. Don't trust "hype" accounts on social media for this info.
The "moon" might be a long way off, but being smart about your current position is the only way to salvage what's left of your investment.