Latest Developments in the Doge Ecosystem: From Moon Landing Plans to Community Development

Looking back at the last bull market, since the DeFi Summer, many hot projects emerged in the market. After the crash on May 19, 2021, the market quickly recovered and reached new highs. However, with the Federal Reserve raising interest rates and a series of cryptocurrency institutions collapsing, market liquidity gradually dried up, ultimately plunging into a deep bear market. During the two peak periods of the last bull market, marked by the line of 519, Doge was undoubtedly the most eye-catching project in the first wave of the climax.

Many analysts view the surge of meme coins as a signal that the bull market is about to end. This is because the market is filled with impatient investors at this time, FOMO sentiment is high, rational value investment judgments are almost nonexistent, and the market bubble continues to expand.

"Doge to the moon" is a slogan widely circulated in the Doge community. On the eve of May 19, Doge's market value indeed "reached the moon". At that time, one of the key factors driving the rise in Doge's price was the support of a certain well-known entrepreneur. This entrepreneur founded a private aerospace manufacturing and space transportation company. The slogan of Doge rushing to the moon is associated with the nature of this company's business, to the extent that during the last bull market, this entrepreneur's social media statements could significantly influence Doge's price. Interestingly, even after the market entered a bear phase, the company's rocket launch tests, regardless of their success or failure, still affect Doge's price fluctuations.

Recently, with the Federal Reserve halting interest rate hikes and favorable news regarding Bitcoin ETFs, the market has begun to emerge from a deep bear market trough, sparking a new wave of meme coin frenzy on the Bitcoin public chain. Contrary to analysts' previous conclusions, this round of recovery in the crypto market started with the rise of meme coins. In this wave, BRC-20 tokens have stood out the most. In fact, BRC-20 briefly gained popularity a few months ago driven by a certain platform but quickly cooled down, leading the market into a period of blandness.

During this period, some interesting inscription protocols emerged, such as Ethscriptions on Ethereum, but they did not cause a stir in the entire market or generate FOMO. Subsequently, driven by multiple factors such as the easing of interest rate hike expectations, positive news regarding Bitcoin ETFs, and the launch of BRC-20 exchange features on a certain platform, the meme coin ORDIs of BRC-20 led the rally. Shortly after, various inscription protocols emerged in the Bitcoin ecosystem, such as Atomicals, Runes, Pipe, and others. The heat 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 increase momentum, also sparked market FOMO with their inscription meme coins.

However, as the meme king of the last bull market, how has the Doge ecosystem performed recently? It is well known that Doge was created by forking the Bitcoin code, and there is not much difference on a technical level, making it easy for Doge to adopt some of Bitcoin's inscription protocols. However, it seems that the DRC-20 standard, which forks the BRC-20 standard, has not garnered a huge response from the market, and its current popularity is far less than that of the PRC-20 on the Polygon chain. As of the time of writing, a search on data analysis platforms for relevant panels reveals that there are multiple monitoring panels for the leading PRC-20 protocol token pols, but there are no relevant data panels for DRC-20.

Overall, in the field of inscriptions, Doge chain has almost no noteworthy narrative. The innovation of inscriptions based on the UTXO model is mainly focused on the Bitcoin chain, while Doge's inscription narrative is merely a fork of this foundation, combined with the innate meme attributes of Doge for simple promotion. A highly read article on social media about the advantages of DRC-20 mostly contains ambiguous content. The article briefly mentions that DRC-20 is more decentralized but does not elaborate on how this characteristic is manifested. Regarding the development prospects of the DRC-20 protocol, the article states that it "brings development space for DeFi" and can enable "decentralized lending, liquidity mining, and other financial activities," but in reality, the relevant infrastructure does not yet exist. This further illustrates that, based on the Doge chain, there is actually no need to discuss technology and grand narratives too much, as there is no real innovation present.

Although the performance of the Doge ecosystem in the inscription field is mediocre, the activities of the Doge community in other areas are still worth paying attention to. For example, it seems that Doge is really going 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.

In the final announcement, Doge emphasized that the community funded this task as early as 2015. This is the type of community marketing that matches Doge, which is a more engaging community consensus rather than a deep technical consensus. It is believed that after the completion of this task, Doge will cross an important milestone, and its status as the leading meme coin will be further solidified. This may attract more people to pay attention to or join the Doge community, after all, in the crypto world, long-term holders are extremely enthusiastic about participating in such interesting activities.