The problem is that it's still an open-loop system. Central banks for currencies that are well-accepted internationally manage the money supply to avoid excess

The problem is that it's still an open-loop system. Central banks for currencies that are well-accepted internationally manage the money supply to avoid excessive deflation or inflation, and the money supply has to grow with the size of the economy. If Dogecoin is slightly inflationary that might be an improvement, but there's still no feedback.