All memecoins are purely depending on demand and no other factor such as utility, would save it from a market crash. This should be enough to explain why investing into these type of tokens, is risky. Its market price is more likely to be manipulated by whales; if there is a 'thick' order then small investors would follow, creating a wave and boosting its price just like what happened before. But the moment huge investors take profit, those who would buy at 'peak' would be squeezed in the middle.
If it weren't for Elon Musk, Dogecoin would have failed long ago.
In this case, it is unclear how Doge existed before, until Elon Musk paid attention to it. Of course, having such a patron as Elon Musk would be good for any project, but this is not a decisive factor in the existence of the coin. So in any case, the Dogecoin community is more important than the patronage of Elon Musk.
Quite unfortunate realitt for this industry. Even if there will be nothing from a certain coin, popularity would be enough to make it lively in the market. What's unfortunate is that, good token projects are being disregarded from choosing these memecoins.