elon has big influence on crypto market but he let people know he is on crypto market after he shared about dogecoin. And he keep backing doge in front to people And thus doge received gear to go upstairs. Cause doge original team already disappeared and won't possible for doge to survive long without such influence of EM. And investors earned a lot from doge but not everytime doge will gonna bring people profit cause memecoin is memecoin. So need to think before investing on dogecoin or plan to hold it for next bull run
Your sentence emphasizes that Doge can survive only because it is supported by one person, namely Elon. Is this good for the long term? I think it's not good for the long term. What if one day he switches to supporting other altcoins? I think this is a risk that must be considered for doge holders.
Elon Musk just found Dogecoin as a funny and lovely altcoins comparing to the others, that's why he likes it. He might find as well that Dogecoin has many potential including a huge price rise in the future. Otherwise, Dogecoin is based in its active fans worldwide so it will survive thanks to them, rather than the other people getting involved for economical reasons.
I have big hopes in Dogecoin and consider it the most interesting cryptocurrency after Bitcoin.
Dogecoin was surviving from many years and didn't faced any issues in their journey. Most of Europeans love small pet especially Dog which I think maybe the reason of preferring doge over many other coins. As far I think LTC is most closers to BTC but Elon has own mind which is not possible to read. Now doge has lot of potential and there are very less competitive of this coin. Despite of meme coin and no real use case now doge become trended coin. This coins future is looking shining and 1$ should be our first target. I know it is risk but profit is not possible without taking risk so just hold small amount and being positive will bring best result.