The supply is simply too big to afford this kind of price rise. You can see exactly the same
phenomenon with other high-supply coins like Ripple (XRP), which have a hard time rising to a value
of more than 0.50 $.
Besides, Dogecoin is based on a meme and has a certain "fun vibe" to it, which
probably deters institutional money or other serious investors.
Also factor in the rise of bitcoin
Its not a one to one ratio? Ripple was 55 cents. At 20k satoshi Canadian for me when bitcoin was 2500 and now bitcoin is 4500 and like 5k satoshi and its 28 cents Canadian