David Kimberley, an analyst at Freetrade, is worried people are buying into DOGE not because they believe in the token, but because they have jumped the bandwagon.
When the token was created by software engineers Billy Markus and Jackson Palmerin in 2013, after all, it was meant as an online joke.
Mr Kimberley warned: “People are buying the cryptocurrency, not because they think it has any meaningful value, but because they hope others will pile in, push the price up and then they can sell off and make a quick buck.
“But when everyone is doing this, the bubble eventually has to burst and you’re going to be left short-changed if you don’t get out in time.
“And it’s almost impossible to say when that’s going to happen.