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.
Yeah its practically cant called as ponzi, thats why i said its "like a ponzi". Its true that whales have a role, but the idea of cryptocurrency is being decentralized and got a fair share wealth upon the participants.