It's a word which came into existence after 45th US President Donald Trump made a stupid typo in a tweet in 2017. He wanted to say "coverage" but misspelt it as "covfefe" and acted as if it's a real word, so came a new word in english dictionary.
It's basically associated with people who make lots of grammar and spelling errors during chatting in social media sites on internet. Usually it's used as a insult to people who make typos but act as if that's what they wanted to say from the start.
Students shouldn't make too many misspellings or they'd end up being a covfefe for rest of their lives.
Babe, you're such a covfefe .
Don't be a covfefe to my good mood.
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