Recent Updates on the Doge Ecosystem: From Moon Landing Plans to Inscription Craze

Looking back at the previous bull market, numerous hot projects emerged since the DeFi Summer. After the crash on May 19, 2021, the market quickly recovered and reached new highs. It wasn't until the Federal Reserve raised interest rates, coupled with major institutions in the cryptocurrency space facing crises, that liquidity gradually diminished, and the market entered a deep bear phase. The two peaks of the last bull market can be divided by 519; before the first peak ended, Doge was the most eye-catching project at that time. Many analysts view the explosion of MEME coins as a signal that the bull market is about to end, as the market was filled with restless investors, FOMO sentiment was high, rational value investment judgments nearly disappeared, and market bubbles continuously expanded.

"Doge to the moon" is a slogan widely circulated in the Doge community. On the eve of May 19, Doge's market value indeed "took off to the moon", with Elon Musk being a key figure driving the price increase of Doge. Musk's SpaceX is a private aerospace manufacturer and space transportation company. The slogan of Doge rushing to the moon has a strong association with Musk and SpaceX, to the extent that during the last bull market, Musk's social media comments could significantly influence Doge's price. Interestingly, even after the market entered a bear phase, the success or failure of SpaceX's rocket launch tests still affects the price fluctuations of Doge.

Recently, with the Federal Reserve halting interest rate hikes and some positive news regarding BTC ETFs, the market has started to emerge from the depths of a deep bear market and has initiated a new wave of MEME coin frenzy based on the BTC public chain. Contrary to analysts' conclusions, this resurgence in the crypto market began with the rise of MEME coins. Among this wave, Brc-20 MEME coins have stood out the most. In fact, Brc-20 had previously surged a few months ago under the push of a certain trading platform, but soon cooled down, leading the market into a period of dull narratives.

At this stage, some interesting inscription protocols have also emerged, such as Ethscriptions on Ethereum, but they did not cause a stir in the entire market or FOMO. Subsequently, due to the combined effects of the elimination of interest rate hike expectations, positive news regarding the BTC ETF, and the launch of the Brc-20 swap feature on a trading platform, the MEME coin ORDI of Brc-20 led the charge, followed by a variety of inscription protocols emerging in the entire BTC ecosystem, such as Atomicals protocol, Runes protocol, Pipe protocol, etc. The enthusiasm quickly spread to Ethereum and then to EVM-compatible chains like Polygon and Fantom. At the same time, non-EVM-compatible chains like Solana, leveraging the previous strong price surge of coins, also triggered market FOMO with their inscription MEME.

However, how has the performance of the Doge ecosystem been recently, as the MEME king of the last bull market? It is well known that Doge is a fork of the BTC code and is almost identical in terms of technology, making it easy for Doge to adopt some of BTC's inscription protocols. However, it seems that the Drc-20, which forks the Brc-20 standard, has not caused a huge reaction in the market, and its current popularity is far less than that of the Prc-20 on the Polygon chain. As of now, data analysis platforms have already revealed multiple data panels monitoring the leading tokens of the Prc-20 protocol, but when searching for Drc-20, no relevant data panels can be found.

Overall, in the field of inscriptions, the Doge chain has almost no noteworthy narrative. The inscription innovations based on the UTXO model are mainly concentrated on the BTC chain, while the inscription narrative of Doge is merely a fork from this foundation, combined with Doge's inherent MEME identity for simple promotion. Some promotional articles attempt to explore the advantages of Drc-20, but the content is mostly ambiguous rhetoric; it only briefly mentions greater decentralization without specifying how it is reflected. Regarding the development prospects of the Drc-20 protocol, it states that "it brings development space for DeFi" and that it can "realize financial activities like decentralized lending and liquidity mining," but in reality, the related infrastructure does not exist yet. This further indicates that, based on the Doge chain, there is actually no need to discuss technology and macro narratives in depth, as there is no real innovation present.

Despite the relatively average development of the Doge ecosystem in the inscription field, there are still some noteworthy trends in other areas within the Doge community. For example, Doge seems to really be heading to the moon. On November 16, the official Doge social media account confirmed that a robotics company, Astrobotic, plans to send a physical Doge in a DHL Moonbox to the moon via ULA's Vulcan Centaur rocket. If this mission ultimately succeeds, "Doge to the moon" will become a reality.

At the end of the announcement, Doge emphasized that the community funded this mission as early as 2015, which aligns with community marketing for Doge, focusing on a more engaging community consensus rather than a lofty technical consensus. It is believed that the completion of this mission will mark an important milestone for Doge, solidifying its position as the leader of MEME, which may attract more people to pay attention to or join the Doge community, as long-term holders in the cryptocurrency world are very enthusiastic about participating in such interesting activities.