Dogecoin is a coin without team and core technology, but Musk made it appear in the general public. Many people who are not cryptocurrency traders are buying Dogecoin, just like buying BTC. Why does it succeed? Is it just because of Musk? Dogira, Shiba, HOGE, who will be the next Dogecoin？
Or is there only only one unique Dogecoin？
I think Dogecoin had room to succeed without Musks help, but he definitely accelerated it much faster and gave it that widespread publicity. It actually has a lot going for it in comparison to Bitcoin, the main benefits being reduced fees and much larger circulation. One of the greatest things holding back some cryptocurrencies is they become unspendable investment assets rather than something used for regular daily transactions. At 126 billion (now almost half that after some were destroyed) it is less likely to be hoarded because the volume makes it higher to interfere with the price as it gets more and more expensive. The novelty factor of the name also draws in a large amount of younger "meme" buyers who want to own something with a shot at appreciation.