its a self-organized ponzi scheme, all the bag holders will lose big. at this point, this seems like some type of false flag to allow world governments to ban self organization. we saw the cries to ban it after the GME/AMC pumps. now with dogecoin, when it goes sideways and the bag holders lose, i expect to see even more manufactured consent articles around banning self organization.
You really think that Dogecoin is a self organized ponzi 
, my suggestion is that you need to learn about a ponzi and then rethink about the claim, so what would you call the rest of the alt coins which is much shittier than that and some of the alts are created for the sole purpose of pump and dump without any use in any gambling market nor as an utility. The market is pumping because people are willing to take the risk and pump the coin irrespective of the technical point of the number of coins in existence and as long as there are people willing to invest heavily the market will rally.