Or because people are realizing that the money keeps getting put in the wrong advertising campaigns. These races haven't done anything for the coin as far as I'm aware. You really need to focus more on things that will bring in more nerdy types; in general, the people that go to the races aren't people who even understand cryptos. Much less want to invest.
It needs to be known DOGE is just a crypto into BTC. Not just DOGE. 1DOGE does = 1DOGE, but 1DOGE=X btc and we need X to be greater than market price atm (or I would assume everyone who has a DOGE position wants this.)
People also love BTC because
there is a cap. No one (unless they think they can make a quick buck now) wants to spend their capped coin on a uncapped coin. You can advertise this into the dirt, but it can not make it like this.