This goes back to the origin of Dogecoin. Dogecoin was created to meme Bitcoin for fun. It didn't make any sense from the beginning.No one expected Elon Musk to take a fancy to Dogecoin, which started this craze Dogecoin hype.
This hype has taken Dogecoin to an unexpected position. This coin has pumped as much as the speed of a rocket because of Elon Musk. But those who were attracted to this hype and bought near the top, are now at a loss. No one knows if this coin will ever go to that price again.
Because it's a memes coin, big Whale has played with this coin. If they have any plans for the future, then we have a chance to see a good price. So it is better to stay away from this hype now considering the situation of the market.
If it would be hyped again then its possible but if not then those who bought on the peak would definitely be holding on indefinite days which cant really be assured if it would reach out again on that price point.
Its really hard to determine because whenever a coin being hyped and reach out peak prices and dumped then you wouldnt ever know on when it would recover and this is how unpredictable the market is.
Sorry for those who got caught on the dumped and leaving out on waiting for some time and for those who do panic sell because they are seeing its already dumping then sorry for your loss.
Talking about of point of Dogecoin? It is actually a meme coin which is mostly been used on gambling due to cheap price and big supply or simply goes fine with tecnicalities.