I think dogecoin is like Tron trx currently because there's nothing much happening in the project no development or something else except for the use of payment purpose and it's cheaper, of course Doge is one of the oldest coin out there and lot of projects that was created same time has long gone, example, EOS and few other coin. I think investor are all done with such project and their interest now on another pump dump projects.
Because doge is associated with Elon, many still hold on to this coin and are optimistic that they will be able to gain from this. Elon is not the creator nor the owner but the association of his name is enough to keep this memecoin afloat. He also allows doge to be used in any transaction in his company, no? Those who can afford to buy tesla can use this memecoin and I am sure due to its cheap prices, many can be interested. If Elon decides that doge can be used for X or formerly Twitter, then it can still grow even just a little.
What happened is that the holders of this coin are optimistic that something gonna happen since he has openly promoted this coin and he is a fan of it. Lot of people believe that during next bill run it would hit $1 but I don't see this coming so soon and even the previous ATH doesn't effects on dogecoin. However, dogecoin team has the will power to decide what dogecoin would be used for than Elon and he just an investor.