The coin supply of doge is too huge. For doge to reach $1, there must be some major adoption of doge worldwide and many users are buying doge. Perhaps it will happen when BTC is worth few hundred thousands.
I do not even understand why people are so naive and try to explain why one should expect great prospects from the dog. Well, if there is no good demand for a coin, then no one will buy it. This is the law of the market.
Perhaps because it got really high once, and also people don't really want to think themselves at least for a little bit to understand that a project that was CREATED as a joke can't possibly have any bright future