Where does that money come from? There isn’t a Doge Corporation backing this up that sells actual products and collects actual revenue.
The only way to become a millionaire through DogeCoin would be to invest $10,000 at the low and sell at the high. Who are you selling to? New entrants, hoping to get another 10X or 100X run-up, funded by even newer entrants, also hoping for their 10X and so on.
Everyone’s hoping to become a millionaire, but in reality they’re mostly just pumping money into a system to make the previous entrants millionaires.
With Doge specifically, a lot of people have lost money when they bought in at previous highs. Who did they buy from? Previous owners looking to exit before the music stops.
It’s not so much a joke as a game: Put money in, see how many other people you can trick into putting money in after you, and then sell them your coins before it all collapses.