I think you are right as far as the long run is concerned but for now with crypto flying high and with Elon Musk tweeting pro-DOGE and pro-Bitcoin messages, people with buy in to it.
don't get caught bagholding this shit
In bull run people don't care about any kind of warning so that is useless to tell them what is going on into this coin. After a few months will see this sitting on the bottom level from where it get started.
A lot of the volume is coming from apps that do not even really hold the crypto. On Robinhood app the buys were backed up for days with people just speculating and day trading. AFAIK you cannot withdraw or deposit crypto to there so its just paper doges basically.