Doge has massive inflation right now, that's why it is dropping
That may be to some extent but its price profile follows that of just about every other coin that's been launched in the last 4 months.
Most people who invest in alt coins these days don't do so as a long term hold. Alt coins are a liquidity proxy for bitcoin. Sure people are interested in 'features' but only so they can discern which ones are likely to be more competitive in the short term, not the long term, because they've no interest in holding them long term.
I don't think people realise what a loosing game it is trying to imagine that anything's going to "replace" bitcoin.
There's been a flotilla of alt coins of every shape, size, algo, marketing theme - you name it. Not one of them has even put a dent in Bitcoin. Maybe Litecoin made a scratch but even that can't even get really get remotely near it.
People buy alts to get more Bitcoin - for no other serious reason.
Towards the end of this year, the final nail in the coffin for bitcoin contenders will appear when the Bitcoin ETFs start to come on the scene, such as the Winklevosse's one. It takes years to get an ETF through all the regulatory red tape and onto a stockmarket listing. You've no idea how far ahead Bitcoin is in so many areas regarding so called 'network effect'. Not to mention the reputation for integrity it's going to have after shaking off all the Gox FUD legacy and associated attempts by the mainstream press to kill it off.
You think a $300,000 supernova marketing campaign's a match for any of that ? It's mickey mouse territory.