Yep. The exact same thing happened to me a couple of weeks ago. Of course by the time I realised it was the Coconut oil that was making my already dry skin even worse, the skin on my legs began to look like aligator skin (eww..)
Funny thing is, as I applied it everyday I noticed my skin gradually getting worse but thought that it couldn't be the VCO as everyone else was having such good results with it internally and externally.
However I did stop using it for a few days and the excessive wrinkling and dryness disappeared. I also used a natural cream with plenty of EFA's to speed up the healing process.