It cannot be completely verified by Coq itself due to the Gödel theorem (well, now with this bug this is possible). Still, some part of it can be verified, like the byte-code interpreter. There is actually an ongoing project to make a certified JIT compiler for Coq: http://www.maximedenes.fr/download/coqonut.pdf
What can't be proved in Coq is that the proof system is consistent.
However, we can in theory verify that the implementation of the proof system satisfies its specification (edit: maybe that's what you were saying!).
And there are proof systems that use this approach (i.e. build a series of provers that each prove the next (more complex) one).
See, for instance, "Coq in Coq", by Bruno Barras and Benjamin Werner, http://www.lix.polytechnique.fr/~barras/publi/coqincoq.pdf , in which the Calculus of Inductive Constructions is used to prove the consistency of the Calculus of Constructions.
See also John Harrison's "Towards self-verification of HOL Light", http://www.cl.cam.ac.uk/~jrh13/papers/holhol.pdf , and Gentzen's consistency proof, https://en.wikipedia.org/wiki/Gentzen%27s_consistency_proof , which use similar strategies (by assuming the existence of an inaccessible and assuming recursion up to epsilon_0).
Sometimes one can get relative consistency results. For instance, I believe it is provable in ZF that if ZF is consistent, so if ZF+AC+(V=L)+GCH.
Things like first order logic are too simple to introduce the kinds of statements Godel used to prove the incompleteness theorem about arithmetic.