Many-body electron-electron interaction effects are theoretically considered in monolayer graphene from a continuum effective field-theoretic perspective by going beyond the standard leading-order perturbative renormalization group (RG) analysis. Given that the bare fine structure constant in graphene is of order unity, which is neither small to justify a perturbative expansion nor large enough for strong-coupling theories to be applicable, the problem is a difficult one, with some similarity to 2+1-dimensional strong-coupling quantum electrodynamics (QED). In this work, we take a systematic and comprehensive analytical approach, working primarily at the Dirac point (intrinsic graphene), by going up to three loops in the diagrammatic expansion to both ascertain the validity of perturbation theory and to estimate quantitatively higher-order renormalization effects. While no direct signatures for non-Fermi liquid behavior at the Dirac point have yet been observed experimentally, there is ample evidence for the interaction-induced renormalization of the graphene velocity as the carrier density approaches zero. We provide a critical comparison between theory and experiment, using both bare- and screened-interaction (RPA) calculations. We find that while the one-loop RG analysis gives reasonable agreement with the experimental data, especially when screening and finite-density effects are included through the RPA, the two-loop analysis reveals a strong-coupling critical point in suspended graphene, signifying either a quantum phase transition or a breakdown of the weak-coupling RG approach. We show that the latter is more likely by adapting Dyson's argument for the breakdown of perturbative QED to the case of graphene. We propose future experiments and theoretical directions to make further progress on this important and difficult problem.