The co-creator of Dogecoin sold his coins to buy a Honda Civic. Now Dogecoin has a market capitalization that is higher than Honda.
Why? it doesn't matter. People decided to speculate over the money of Dogecoin, that's it. It doesn't matter that it is a cryptocurrency or that it is based on doge. People will speculate over anything if it's profitable. Frozen concentrated orange juice? Gamestop? Whatever, it doesn't matter.