A lot of folks are long-time holders (hodlers) and I bet many are scrambling to try and cash in on this run. A lot of exchanges (and even Robinhood) have limited or halted Doge trading, and the network is overloaded with folks trying to sync old wallets and whatnot. Very chaotic situation, but I imagine the price will drop once more people figure out how to cash in. The coin inflates infinitely so it's all fun, games and short-term speculation in my view.