Markets are complex systems and defy simple explanations, but many analysts make a living from ignoring this fact and making it seem like everything can be summed up in a 10 second soundbite. That sell was a drop in the bucket compared to the volume dogecoin has seen on the exchanges in the past 24 hours. Rumors abound about why the price has skyrocketed but I think that it boils down to a few things:

  - dedicated, welcoming community
  - coin ecosystem: well-orchestrated launch, smart developers 
    and pool operators, etc.
  - increased hashrate, second now only to that of bitcoin and litecoin.  
    This is partly from the community and partly from speculators: 
    success breeds success.
  - lots of good publicity