Yeah dogecoin has no cap and that is because they always wanted to keep the coin cheap value and make sure people don't hold dogecoins but the world's richest man has spoiled all those plans, unfortunately.
If DOGE solves infinite supply problem, Dogecoin can reach very high prices, but right now, Dogecoin is way overpriced because it has no cap!
I am not sure whether it is overpriced since it hasn't reached $1 yet but yeah not having a cap can create a bit of a mess later on. Traders don't really care to be honest though because they see the movement in the market and they just buy those top-performing coins and dogecoin has certainly been the top movers in the market for some time.