Many people just see the price pump and they started investing in it. In recent i saw many people when they saw Dogecoin pricevpump. They also started ingesting in it without research why price pump and either Dogecoin has any new partnership or feature launched. Price dropped very soon and hurts many traders..
Agreed, that's matched with the scheme that used by wallstreetbets on telegram group. The owner was buying it before the pump and he was dictating its users to spend their bitcoin to be used to buy when the pump was coming and the group owner was preparing its asset and dump it. Doge will be dropping a lot in the long term run.