Not only Dogecoin but all coins price are determined by demand and how the platform is contributing to the community, usage, and the platform is what defines a coin, in the case of Doge coin it's the only meme coin we have in the community, and some people like Elon Musk is attracted to Doge, but I don't think it can compete with the like of Ethereum and Binance, but it's still preferable in doing a transaction.