I really like Dogecoin but honestly, it is extremely overpriced right now because we should not forget a fact:
Dogecoin needs to solve a big problem: it is uncapped currently. Dogecoin has no capped supply like Bitcoin, it has infititive supply!
If DOGE solves infinite supply problem, Dogecoin can reach very high prices, but right now, Dogecoin is way overpriced because it has no cap!
This price increase is probably affected by market volatility. It's pushed up the price too high, and that attracts a lot of attention from people.
I see this as crowd-based investment. They see prices suddenly rising and are still rising. They want to profit from it, it's as simple as that. They don't care about its quantity. The creator hasn't thought about how it can be achieved now.