Price is relative, to some people entering Crypto now, the price is not that high since they are buying these tokens based on what they were told that moon only, people that have been here and see the price of token move from $1 to like $20 will feel it is too expensive. I missed out on $Doge because I believe the price was too high and Elon Musk kept pumping the price last cycle.
You know that Elon Musk has a history with this currency, and you may have forgotten that he does not actually support any of the cryptocurrencies except circumstantially to achieve some income, especially when his business is going through financial difficulties. Elon Musk sold all of his remaining Bitcoin savings belonging to Tesla, after he sold a first part to secure the liquidity of acquiring Twitter platform. As for Dodge, Musk did not explain on any occasion his opinion on the issue of development on the Dodge network and his opinion on the huge amount of liquidity that leads the currency to inflation more and more every day.
I trust that Elon Musk is a very smart person, but that does not mean that I believe everything he is doing. Above all, he acts with the mentality of a profit-seeking investor, and I don't think he cares much about Dodge's success or failure. I find the question more valid about why he does not focus on more efficient currencies than Dodge or even create a new currency instead of continuing to tweet about Dodge from time to time unless he is using it to achieve some other benefits.