This is a meme coin
It is supported by people that like online jokes, pranks... and dogecoin is not exclusive. To me the coin ( dogecoin) is receiving over hype and that all it get, apart for the Elon shilling I see no real potential in dogecoin, to me dogecoin is a bubble that can burst at anytime.
Many people think the same, but for beginners who are also fans of Elon, this is a very serious coin.Only lately she hasn't been reacting much to his statements.Apparently trned is coming to an end.
Well, Elon Musk is claimed to be the richest person in the world. no wonder they will do whatever Elon Musk does to keep up. even when Elon Musk tweets something about Doge, people react to it. However, people who have been in the crypto world for a long time will think the same as you, that Doge coin is only used as a joke coin. Personally I'm really with Elon Musk's effect that makes the price of Doge go up high. but, still some people make big profit from it.