Doge Coin is a meme project and the only reason there is still hype about it is elon musk. We should be careful when we are thinking about investing in a project that is getting all the interest from the industry only because one man is interested in it. What if elon says he is going to develop his own project or he will not longer supporting doge and its development? This market will react negatively. So the advisable option is to invest in a project that is fundamentally strong and has a real use case.
Well I do agree with you there is hype because of Elon Musk. That is a big reason why we are still talking about this meme coin. But also we must remember it is the first meme coin that was created in 2013.
And first it was meant to be only a joke. But then when we can start to make money if we just hodl it this is why it is most popular meme coin. I do not think Elon Musk is going to develop his own project so I am not going to worry about this happening.
Before Elon came in the scene, there is already hype that wraps around the coin DOGE. We should not forget that it was created because of that cute dog who went viral. And I've seen a lot of people who are using it as a currency back time. Elon is just an addition but maybe it's true that it boosted DOGE. The term joke coin is not literal because DOGE still has the characteristics of a real crypto. It has a supply, a display price, etc... .
There are so many ways to make money here in crypto or by using DOGE, not just via hodling. And it wasn't advisable in fact to HODL the coin because it's not just great to be used this way as BTC, ETH, and similar cryptos.