Why did dogwifhat go so high?

Could you please elaborate on the reasons behind the significant surge in the value of Dogwifhat? I'm quite curious to understand what factors contributed to its meteoric rise. Was it primarily driven by speculation or did it have a solid fundamental basis? Did certain events or announcements trigger this increase? Also, what are the potential risks and challenges associated with investing in Dogwifhat? I'm keen to get a comprehensive perspective on this phenomenon.