I think it will eventually retrace all the way back. The hard part of usd pricing alts is its alldepemdent on bitcoin and what bitcoin/usd is. If bitcoin spikes to 100k then maybe not but if bitcoin retraces to 10k its a likely fall for doge as well. Ultimately with the 10k per doge being minted per minute I think price is just unsustainable.
You've said it yourself. The only way DOGE will go back to sub $0.01 prices is if Bitcoin goes through a heavy downfall in price. Other than that, I don't see this becoming a reality anytime soon. If DOGE falls too low in price, it's likely Elon Musk will abandon it for the next big thing in crypto. After that, DOGE will have a hard time reaching a new All-time-high by its own. The "meme" cryptocurrency may be good for micropayments and gambling, but it's terrible as a store of value. The circulating supply of DOGE is huge, compared to top players in the market.
With a high inflation rate, we can never expect to see DOGE become extremely valuable in the future. At least, the cryptocurrency will survive thanks to its decentralized and censorship-resistant design. Who knows if it gets to live alongside Bitcoin and Ethereum for generations? Just my opinion
