Yes, we know that initially Dogecoin was made just for fun and there was no purpose for this Dogecoin, and of course this is dangerous for those who only follow the trend of a coin and they are too fomo with the promise of New ATH 1$, the result is that many of them can't get out. from the top price
Unfortunately, many people are involved in this FOMO. Many of them don't really care about the purpose or use-case of Dogecoin, they only see how the price of Doge skyrocket. Moreover, they know if a popular person like Elon Musk and Vitalik supporting this coin. So, people don't care about the fundamental aspect of Dogecoin, just focus on the hype. I assume some of them just plan for a short term, but when they buy at the wrong time, it leads them to hold a long time. These people probably are spreading the rumors of $1 Doge price, they are trying to attract people to keep buying at a high price. This is one of the examples of the risks, trapped in buying at a high price before the big decreases.
Actually this thing I think is quite reasonable because most of them are beginners and indeed many people want profits by utilizing the charm of the billionaire.
The usefulness of the doge is not too important for them the most important thing is how to follow and get a good position when the billionaire pumps the coin.