Analysis of Recent Trends and Development Directions of the Doge Ecosystem

Looking back at the last bull market, many hot projects emerged starting from DeFi Summer. After the market crash on May 19, 2021, the cryptocurrency market quickly recovered and reached new highs. However, with the Federal Reserve's interest rate hikes and consecutive collapses of institutions in the crypto space, market liquidity gradually dried up, ultimately plunging into a deep bear market. During the two peaks of the bull market, Doge was undoubtedly one of the most eye-catching projects. Many analysts view the explosion of MEME coins as a signal that the bull market is about to end, as the market is filled with irrational investors, FOMO sentiment is high, and rational value investment judgments have nearly disappeared.

"Doge to the moon" has become a reality as the most famous slogan of the Doge community, especially before the 519 event, where Doge's market value indeed "took off to the moon". At that time, the comments from a well-known tech entrepreneur had a significant impact on the price of Doge. Interestingly, even during bear markets, the success or failure of a private aerospace company's rocket launch tests still affects the price of Doge.

Recently, with the Federal Reserve pausing interest rate hikes and the positive news regarding BTC ETFs, the market has gradually emerged from its low point and has sparked a new wave of MEME enthusiasm on the BTC blockchain. Unlike previous experiences, this round of recovery in the crypto market began with the rise of MEME coins. Among this wave, the Brc-20 MEME coins have performed the most impressively. In fact, Brc-20 briefly gained popularity on a certain platform a few months ago but quickly cooled down. Subsequently, the market entered a period of bland narratives. Although some interesting inscription protocols, such as Ethscriptions on Ethereum, have emerged, they failed to create a market sensation.

However, with the easing of interest rate hike expectations, positive news regarding the BTC ETF, and the launch of the Brc-20 swap function on a certain platform, the Brc-20 MEME coin ORDI led the way in gains. Following that, various inscription protocols emerged in the BTC ecosystem, such as Atomicals, Runes, and Pipe. The enthusiasm quickly spread to Ethereum and then to EVM-compatible chains like Polygon and Fantom. At the same time, non-EVM compatible chains such as Solana leveraged the momentum of the previous surge in coin prices, and their inscription MEME also triggered market FOMO.

As the MEME king of the last bull market, how is the recent development of the Doge ecosystem? It is well known that Doge is derived from a BTC code fork, and technically it is very similar to BTC, making it relatively easy to transplant BTC's inscription protocol. However, the Drc-20, which is forked from the Brc-20 standard, seems to have not generated a strong market response, and its current popularity is far less than that of the Prc-20 on the Polygon chain. As of the time of writing, there are multiple monitoring panels for the main tokens of the Prc-20 protocol, pols, on a data analysis platform, but no relevant data panels could be found for Drc-20.

Overall, in the field of inscriptions, the Doge chain has almost no remarkable innovations. The innovations in inscriptions based on the UTXO model are mainly focused on the BTC chain, while the inscription narrative of Doge is merely a simple fork based on this foundation, combined with the inherent MEME attributes of Doge for superficial promotion. Some promotional articles about the advantages of Drc-20 often describe its benefits in vague terms, such as "more decentralized," but lack specific explanations. Regarding the development prospects of the Drc-20 protocol, it is only vaguely mentioned that it "brings space for DeFi development" and "realizes financial activities such as decentralized lending and liquidity mining," but in reality, the relevant infrastructure has not yet been established. This highlights the limitations of discussing technology and grand narratives based on the Doge chain, as it essentially lacks true innovation.

Although the development in the inscription field has not been satisfactory, the Doge community's performance in other areas is still noteworthy. For example, Doge seems to really be about to "go to the moon." On November 16, the official Doge social media account confirmed that a robotics company is planning to put a physical Doge into a lunar box of a certain courier company, to be launched to the moon by a certain rocket. If this mission ultimately succeeds, "Doge to the moon" will no longer just be a slogan.

Doge's official emphasized that the community funded this initiative as early as 2015. This move aligns more with Doge's characteristics, which focus on fun community consensus rather than deep technical consensus. It is believed that after the completion of this task, Doge will cross an important milestone, further consolidating its position as the leader of MEME coins and attracting more attention and participation in the Doge community. After all, in the world of cryptocurrency, holders are keen to engage in such interesting activities.