I think the support of Elon Musk is largely out of the equation within the Dogecoin hodlers,they are keeping the coin as they most likely found their way sucked in after the first support of Elon Musk which truly gave Dogecoin back then a huge increase in price and many people who were holding such coins for fun,found themselves overnight millionaires and that is why this coin is still popular.
New people seeing those persons make a fortune thought that they can do it too and started investing in Dogecoin by accumulating a lot of it.The price though now remains in the hands of fate/luck as we don't know how it will be,but I have hopes that the next bull run can make this coin go to 1 as it was to 0.70 in the last all time high.
I think the reason why they buy Doge coin is because of Elon Musk who is hyping it. I only feel sorry for those who are late to sell their coin during the peak of Doge but maybe they are hodling and hoping the price will recover once we return to the bull run and once Elon Musk return on hyping the coin again.
Doge coin will remain to be a famous crypto even without the support of Elon because the coin has an interesting history or story. Nothing wrong in trying and this was still a perfect time to do it because the coin is still in dumped position. Speculators and Doge supporters targets 1 dollar for this coin because it failed to reach this last time.