Latest Updates on the Doge Ecosystem: From Moon Landing Plans to Inscription Protocol

Looking back at the last bull market, many hot projects emerged after the DeFi Summer. After the crash on May 19, 2021, the market quickly recovered and reached new highs. Subsequently, affected by the Federal Reserve's interest rate hikes and the collapse of institutions in the crypto space, liquidity gradually diminished, and the market entered a deep bear phase. The last bull market can be divided into two peaks with 519 as the boundary, with Doge being the most prominent project of the first peak. Many analysts believe that the explosion of MEME coins is a signal that the bull market is about to end, as the market is filled with irrational investors, FOMO sentiment is high, and the bubble continues to expand.

"Doge to the moon" is a slogan widely circulated in the community. Before May 19, Doge's market value indeed "went to the moon", which is closely related to Musk's support. The space business of Musk's SpaceX has a wonderful connection with the slogan of Doge rushing to the moon. During the bull market, Musk's tweets can significantly impact Doge's price. Interestingly, during the bear market, the results of SpaceX's rocket launches also affect Doge's price fluctuations.

Recently, with the Federal Reserve halting interest rate hikes and the favorable news regarding BTC ETFs, the market has emerged from its low point, starting with the explosion of MEME on the BTC public chain. Unlike previous recoveries, this round of warming began with the rise of MEME. The most popular is the Brc-20 MEME, which had already seen a wave of enthusiasm a few months ago driven by UniSat. Although there have been interesting projects like Ethscriptions on Ethereum thereafter, they did not cause a stir across the entire market. It wasn't until recently that various favorable factors combined, with Brc-20's ORDI leading the charge, followed by the emergence of various inscription protocols such as Atomicals, Runes, and Pipe in the BTC ecosystem. The heat quickly spread to Ethereum and then expanded to EVM-compatible chains like Polygon and Fantom, and even non-EVM chains like Solana.

As the MEME king of the last bull market, what is the Doge ecosystem doing lately? It is well known that Doge is a fork based on BTC code, and the technical similarity is very high, making it easy to transplant BTC's inscription protocol. However, the Drc-20, which forked from Brc-20, has not caused a strong market reaction, and its current popularity is far less than that of the Prc-20 on the Polygon chain. According to the data dashboard on Dune, there are already multiple dashboards monitoring the top tokens of Prc-20, such as pols, while no related panels have been found when searching for Drc-20.

Overall, the Doge chain has hardly made a prominent performance in the inscription field. The innovation of inscriptions based on the UTXO model is mainly concentrated on the BTC chain, while the inscription narrative of Doge is merely a simple fork combined with its MEME attributes for promotion. Articles promoting the advantages of Drc-20 often lack substantial content, only vaguely mentioning decentralization and DeFi potential, but in reality, the relevant infrastructure has not yet been established. This reflects the lack of genuine technological innovation on the Doge chain, and forcibly emphasizing technological advantages instead appears awkward.

Despite its mediocre performance in the inscription field, the Doge community still has highlights in other areas. For example, Doge seems to really be heading to the moon. On November 16, the official Doge account confirmed that the robotics company Astrobotic plans to put a physical Doge coin into the DHL Moonbox, to be sent to the moon by ULA's Vulcan Centaur rocket. If the mission is successful, "Doge to the moon" will become a reality.

It is worth noting that Doge emphasized that the community funded this task as early as 2015. This is the community consensus that aligns with the Doge philosophy, rather than a profound technical consensus. It is believed that after the completion of the task, Doge will cross an important milestone, and its position as the leader of MEME will be further solidified. This may attract more people to pay attention to and join the Doge community, as holders in the crypto world are keen to participate in interesting community activities.