Its because people fall for the low price per coin. They think, every cryptocurrency could reach hights per coin like BTC and ETH - and they buy DOGE DOGE DOGE in this wrong hope & believe. After they comprehend the relation between marketcap, supply and importance of the project, they sell immediately - or sit on a big big bag. Until the next stage of crypto mass adoption starts and fresh money and a lot of new players stepping in, just doing the same mistake and buy DOGE DOGE DOGE.
DOGE = a lot of big, worthless bags, passing from grown up newbies on fresh newbies again and again.
Let's call it the DOGE-Circle.
But its a very good indicator for the number of new players:
The higher the price, the more of new players.
Regards!
McW
Second this. But hey. It's such a wonderful coin