Elon Musk was named as Doge Father or Doge Dad due to simultaneously mentioning the coin in most of his interviews.
After his appearance in Saturday Night Live, Musk mentioned the coin as a "hustle". The token dropped by about 30%. There's no certain reason why dogecoin took a dump but people think because of Elon Musk's appearance in SNL.
Have you noticed that every time the coin drops, he always posts something about dogecoin in his Twitter account that will encourage people to buy it? Below is one example of his posts a few days ago after the token dropped last Saturday night.
Could it be Elon Musk that has the wallet that holds 22B DogeCoin? This is only speculation without proof. It is only based on the way he continuously talks about the coin. Why does a billionaire like him keep on talking about Doge Coin instead of Bitcoin which Tesla accepts as payment right now?