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.
It shows the true nature of people in crypto: pure greedy and ready to spend their money on anything holding the illusion 'you will be rich. I think if any of you are into the crypto long then you will understand this. No more crypto become top CMC because it was actually good with the technical aspects, a working product with many use cases and users.