Maybe it is but like you said theres not much development within the network. The sudden rise on etc and breaking its 200ma is really something we should speculate as hype since the eth are gonna do a migration and people are skeptical about whats about to happen. Like miners should support eth pow or totally shifted to etc instead. Its a matter of choice and were still close to that event and people are still clueless which path to take on. Considering technicalities and possible outcome of eth pos, there will be massive speculations on this matter.
With Ethereum Classic, it is similar to Dogecoin. It is truly to say there are more developments for Ethereum Classic than Dogecoin that nearly has no development.
If you pick ETC for your portfolio because you believe in their developments, you are doing something bad.
If you pick ETC for your portfolio because you believe it will be the best alternative for Ethereum miners when Ethereum goes to PoS, you are doing something good.
However, ETC is good if you add it to your portfolio for hodling, not for speculation. Don't forget ETC is available for leverage trading on many exchanges and there is risk of liquidation if you are gambling and have bad management.