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

Looking back at the last bull market, since the DeFi Summer, the market has seen a surge of hot projects. 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, eventually leading to a deep bear market. The two peaks of the last bull market can be divided by "519"; before the end of the first peak, Doge was undoubtedly the most dazzling project.

Many analysts view the explosion of MEME coins as a signal that the bull market is about to end. This is because the market is currently filled with restless investors, FOMO sentiment is high, rational value investment judgments are almost non-existent, and market bubbles continue to expand.

"Doge to the moon" is a slogan widely circulated in the Doge community. On the eve of May 19th, Doge's market value did indeed "take off to the moon," largely due to the influence of Elon Musk. There is a subtle connection between SpaceX, founded by Musk, and the Doge moon slogan, to the extent that Musk's tweets during the last bull market could significantly affect Doge's price. Interestingly, even during bear markets, the success or failure of SpaceX's rocket launch tests still causes fluctuations in the price of Doge.

Recently, with the Federal Reserve halting interest rate hikes and positive news regarding BTC ETFs, the market has begun to emerge from a deep bear market. Unlike previous instances, this round of market recovery started with the explosion of MEME coins. In this wave, Brc-20 MEME coins have stood out the most. In fact, Brc-20 had briefly surged a few months ago driven by a certain trading platform but soon cooled down. Subsequently, the market entered a period of stagnation.

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. Subsequently, driven by multiple factors, including weakened expectations of interest rate hikes, BTC ETF news, and the launch of the Brc-20 swap function on a trading platform, the Brc-20 MEME coin ORDI led the surge. Soon after, various inscription protocols emerged in the BTC ecosystem, such as Atomicals, Runes, and Pipe. This wave quickly spread to Ethereum and then expanded to EVM-compatible chains like Polygon and Fantom. At the same time, non-EVM-compatible chains like Solana, leveraging the previous strong price rise of coins, also saw their inscription MEMEs attract market attention.

However, as the MEME king of the last bull market, how has the Doge ecosystem performed recently? As we all know, Doge is a fork of the BTC code, and is almost identical on a technical level, which allows Doge to easily adopt some of BTC's inscription protocols. However, unexpectedly, the Drc-20, which is forked from the Brc-20 standard, has not generated a significant response in the market, and its current popularity is far less than that of the Prc-20 on the Polygon chain.

Overall, in the field of inscriptions, the Doge chain has produced almost no compelling narratives. The innovation of inscriptions based on the UTXO model is primarily concentrated on the BTC chain, while the inscription narrative of Doge is merely a fork of this foundation, combined with the inherent MEME attributes of Doge for simple promotion.

Despite its mediocre performance in the inscription field, the Doge community's creativity in other areas is still worth noting. For example, Doge seems to really be going to the moon. On November 16, the official Doge social media account confirmed that a robotics company is planning to place a physical Doge into the DHL Moonbox to be sent to the moon by ULA's Vulcan Centaur rocket. If this mission is ultimately successful, "Doge to the moon" will no longer just be a slogan, but will become a reality.

It is worth mentioning that Doge emphasized that this task was funded by the community as early as 2015. This is the true community consensus that aligns with the characteristics of Doge, rather than a profound technical consensus. It is believed that after the completion of this task, Doge will cross an important milestone, further consolidating its position as the leader of MEME coins. This will undoubtedly attract more attention and encourage more people to join the Doge community, as holders in the cryptocurrency world are keen to participate in such interesting activities.