I think all altcoins will definitely challenge bitcoin because bitcoin is the most popular crypto, but of course there will be no altcoin that will beat bitcoin. but the good news is that now meme coins are becoming more popular and more and more meme coins can compete and beat utility altcoins. look at doge which is now ranked 8th in the CMC, meaning doge can beat hundreds or even thousands of utility altcoins.
A few years ago, we were all writing off Dogecoin when Elon Musk shilled Dogecoin out of nowhere, and that's when the meme coin started. If Doge has a use case even without the backing of Elon Musk, it will eventually land in the top 10, but it's because of Elon Musk that we have Doge in the top 10, and since it is the father of meme coins, investors put it in the top 10.
But can Dogecoin keep it up if Elon suddenly dumps Dogecoin? Can the community that has supported Dogecoin since the start can help Dogecoin maintain its position in the market? Hopefully, they can.