Recent Updates on the Doge Ecosystem: From "Moon Landing" to Inscription Development

Looking back at the last bull market, starting from DeFi Summer, hot projects emerged one after another. After the crash on May 19, 2021, the market quickly recovered and reached new highs. However, with the Federal Reserve raising interest rates and cryptocurrency institutions collapsing one after another, liquidity gradually dried up, and the market fell into a bear market. The last bull market can be divided into two peaks with 519 as the boundary. Before the end of the first peak, Doge became the most dazzling project. Many analysts view the explosion of MEME coins as a signal that the bull market is about to end, as the market was then filled with anxious investors, FOMO sentiment was high, and rational value investment judgment had almost disappeared, causing the market bubble to continue to expand.

"Doge to the moon" is a slogan widely circulated within the Doge community. On the eve of May 19, Doge's market value indeed "reached the moon," and a key figure driving the price increase was Elon Musk. Musk's SpaceX is a private aerospace manufacturer and space transportation company. The slogan of Doge rushing to the moon is strongly associated 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 during bear markets, the success or failure of SpaceX's rocket launch tests still affects Doge's price fluctuations.

Recently, with the Federal Reserve halting interest rate hikes and the positive news surrounding BTC ETFs, the market has gradually emerged from the depths of the bear market and has sparked a new wave of MEME frenzy on the BTC public chain. Unlike past experiences, this round of recovery in the crypto market began with the explosion of MEME coins. Among this wave, the MEME coin Brc-20 has drawn the most attention. In fact, Brc-20 had already gained significant popularity a few months ago thanks to a trading platform, but it quickly cooled down, and the market subsequently entered a period of calm. During this time, some interesting inscription protocols emerged, such as Ethscriptions on Ethereum, but they did not create a market stir. Subsequently, driven by multiple factors including the elimination of interest rate hike expectations, BTC ETF news, and the launch of a trading platform's Brc-20 swap function, the MEME coin ORDI of Brc-20 led the way in rising. Soon after, various inscription protocols such as Atomicals, Runes, and Pipe emerged within the BTC ecosystem. The excitement 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, also saw their inscription MEMEs trigger market FOMO.

However, as the MEME king of the last bull market, the recent development of the Doge ecosystem seems to be rather unremarkable. It is well known that Doge is forked from the BTC code and is technically almost identical, so Doge can easily port the inscription protocol of BTC. However, the Drc-20, which is forked from the Brc-20 standard, has not sparked a strong market reaction, 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 for relevant dashboards on a certain data platform revealed that there are several panels monitoring the leading token pols of the Prc-20 protocol, but no relevant dashboard could be found for the Drc-20.

Overall, in the field of inscriptions, the Doge chain has hardly any remarkable narratives. The innovation of inscriptions based on the UTXO model is mainly focused on the BTC chain, while the Doge inscription narrative merely forks from this foundation and combines it with Doge's inherent MEME attributes for simple promotion. There is a widely read promotional article on social media that mainly discusses the advantages of Drc-20, but most of the text is ambiguous. The advantages of this protocol are simply mentioned as being more decentralized, but it does not explain how this is reflected in detail. As for the development prospects of the Drc-20 protocol, the article mentions "bringing space for DeFi development," and that it can "realize financial activities such as decentralized lending and liquidity mining," but in reality, the related infrastructure has not yet been established. This further highlights the unnecessary discussion of technology and grand narratives based on the Doge chain, as it lacks true innovation itself, and forcing a discussion of technology only makes the marketing copy seem out of place.

Although the performance in the inscription field has been mediocre, the Doge community's activities in other areas are still worth paying attention to. For example, Doge seems to really be going to the moon. On November 16, Doge's official social media account confirmed that a robotics company, Astrobotic, plans to place a physical Doge in a DHL Moonbox, to be launched to the moon by 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 task as early as 2015. This is the marketing strategy that aligns with Doge, which focuses on a more interesting community consensus rather than a profound technical consensus. It is believed that after this task is completed, Doge will cross an important milestone, further solidifying its leading position in MEME. This may attract more people to pay attention to or join the Doge community, after all, long-term holders in the crypto world are very enthusiastic about participating in such interesting activities.