It could very well be. Dogecoin has no other use but for speculating just like most cryptocurrencies on the market. What Dogecoin can do now, other altcoins can do better with advanced technologies such as DAGs, PoS, and more. They're much cheaper and faster than Dogecoin, so I don't see any reason why Dogecoin would have a future. The original developers have also abandoned the project, and no one seems to care about it.
The only thing keeping Dogecoin alive, is its community which usually hangs out on Reddit. But, there are other cryptocurrencies which are more active in development, than DOGE. All in all, time will tell us what lies ahead for Dogecoin's existence in the real world.