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.
I get what you mean on the BTC vs DOGE and caps, but at the end of the day, DOGE could get a huge following just by catering to the right people.
If I want to run a high-end nail salon, I wouldn't go to the projects to market it. I would go to the higher end neighborhoods. If I wanted to sell Ferraris and Lamborghinis, I wouldn't be marketing to the poor areas; I would market towards those who can afford them.
You have to know your market. For whatever reason, DOGE's marketers are ignoring every business principal and are just throwing money at random places in the hopes that maybe someone will like it.