Absolutely agree, its like a ponzi mechanism with many whales among ecosystem that ready to take profit when the price pump.
If you mean the price of Dogecoin is increasing because of the factors of manipulation made by whales, even top altcoins also have the same way. So, I am not sure to say it is a Ponzi scheme, it is different. I think it is a fact that all people involved in crypto must admit, the whales' power has a big role in the crypto ecosystem. The whales can lead the price to have a pump or a dump in a certain time. They take advantage of this scheme.
This is the reality that happens in the crypto world, for whales who have very large amounts of capital can manipulate prices in the market. People who
have been in the crypto world for a long time should be aware that whales will use their advantages to generate the maximum profit. Not only
Dogecoin is often used by whales to pump and dump, but like other top altcoins it is also the same. So I don't agree that what happened to Dogecoin
was a ponzi scheme, we do have to realize that Dogecoin is often a pump and dump that can not be separated from whales who often use it to generate
profits if there is a chance. So we ourselves have to be more careful in making decisions, do the analysis correctly, so know when it's right time to enter
and exit. Don't buy Dogecoin if we are afraid of being played by the whales. Because whales often do pump and dump on meme coins which do not
have a clear function, choose investments in top altcoins that are less likely to pump and dump.