This is absolutely an insane thing. As Elon Musk continues to manipulate Dogecoin price, so many people have invested in it. And the number of this kind of people increases as time goes by. It's really a too risky investment, in my opinion. It feels like it will reach one dollar at least. But if Elon Musk stops supporting Dogecoin, it's very likely that things could be upside down.
That's not true. Elon Musk has tweeted a few times about Dogecoin, but the Doge whales have taken his tweets out of context and used it for price manipulation. That said, Elon should take some of the blame and I am not exactly sure why the SEC is treating him with kid gloves. The whales have started to convert their Doge to USD or BTC, and eventually the inexperienced investors who make the late entry will be stuck with this shitcoin.