Recent Developments in the Doge Ecosystem: From Moon Landing Plans to Inscription Narratives

Looking back at the last bull market, many hot projects emerged after DeFi Summer. After the crash on May 19, 2021, the market quickly recovered and reached new highs. However, with the Federal Reserve raising interest rates and institutional liquidations in the crypto space, liquidity gradually faded, and the market entered a bear phase. The two peaks of the last bull market are divided by 519, and before the first peak ended, Doge was the most prominent project. 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 emotions are running high, and rational value investment judgments have almost disappeared.

"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," largely thanks to Musk's boost. Musk's SpaceX is a space manufacturing and transportation company. The slogan of Doge rushing to the moon has a strong association with Musk and SpaceX, to the extent that Musk's tweets at the time could significantly affect the price of Doge. Interestingly, even during bear markets, the success or failure of SpaceX's rocket launch tests would still cause fluctuations in the price of Doge.

Recently, with the Federal Reserve halting interest rate hikes and the positive news regarding BTC ETFs, the market has started to emerge from its low point, sparking a new wave of MEME frenzy on the BTC blockchain. Unlike previous experiences, this round of recovery in the crypto market begins with the rise of MEME coins. Among them, the MEME coins of Brc-20 are the most noteworthy. In fact, a few months ago, Brc-20 had already gained some traction on a certain platform, but it quickly cooled down. After that, the market entered a period of calm; although some interesting inscription protocols emerged, such as Ethscriptions on Ethereum, they failed to cause a market sensation.

With the elimination of interest rate hike expectations, positive news regarding BTC ETF, and the launch of Brc-20 swap functions on certain platforms, the MEME coin ORDI of Brc-20 has led the surge. Subsequently, various inscription protocols have emerged in the BTC ecosystem, such as Atomicals, Runes, and Pipe. The heat quickly spread to Ethereum, and then expanded to EVM-compatible chains like Polygon and Fantom, as well as non-EVM-compatible chains like Solana.

However, as the MEME king of the last bull market, the recent development of the Doge ecosystem seems to be less noteworthy. Doge is a fork based on the BTC code, with a high degree of technical similarity, theoretically allowing for an easy transplantation of BTC's inscription protocol. However, the Drc-20 forked from the Brc-20 standard has not generated much response in the market, and its popularity is currently far less than that of the Prc-20 on the Polygon chain. As of the time of writing, there are several monitoring panels for the leading Prc-20 token pols on data platforms, whereas searching for Drc-20 yields no relevant data.

Overall, in the field of inscriptions, the Doge chain has almost no noteworthy narrative. 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 fork of this foundation, combined with its MEME attributes for simple promotion. Some promotional articles attempt to explore the advantages of Drc-20, but the content is mostly vague and lacks substantive discussion. This reflects that projects based on the Doge chain may not need to focus too much on technology and macro narratives, as they essentially lack genuine innovation.

Although the performance in the inscription field has been mediocre, the Doge community's activities in other areas are still noteworthy. For example, Doge seems to really be going to the moon. On November 16, the official Doge account confirmed that a robotics company is planning to place a physical Doge into a lunar capsule to be transported to the moon by a rocket. If this mission is successful, "Doge to the moon" will become a reality.

Doge emphasizes that the community funded this initiative as early as 2015, which aligns more with Doge's characteristics - focusing on fun community consensus rather than profound technical consensus. It is believed that once the task is completed, it will become an important milestone for Doge, further solidifying the leading position of its MEME token and attracting more attention and participation in the Doge community. After all, in the crypto world, holders are keen to engage in such fun activities.