Current Status of Doge Ecosystem Development and Moon Landing Plan

Looking back at the last bull market, which started with DeFi Summer, a large number of hot projects emerged in the market. After the crash on May 19, 2021, the market quickly recovered and reached new highs again. However, with the Federal Reserve raising interest rates and a series of cryptocurrency institutions collapsing, market liquidity gradually diminished, ultimately leading to a deep bear market. The two peaks of the last bull market can be divided by 519, during the first peak, Doge was undoubtedly the most eye-catching project.

Many analysts view the surge of MEME coins as a signal that the bull market is about to end. This is because, at this stage, the market is filled with anxious investors, FOMO sentiment is high, and rational value investment judgments have almost disappeared, leading to an ever-expanding market bubble.

"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 an astonishing height. The support from the CEO of Tesla had a significant impact on Doge's price at that time. Interestingly, even during bear markets, the success or failure of rocket launch tests by a well-known aerospace company still affects Doge's price fluctuations.

Recently, with the Federal Reserve pausing interest rate hikes and favorable news about Bitcoin ETFs, the market has begun to emerge from its low point. Unlike before, this round of recovery in the crypto market started with the surge of MEME coins. In this wave, Brc-20 tokens based on Bitcoin have stood out the most. Although Brc-20 briefly became popular a few months ago, it quickly cooled down. Subsequently, the market entered a period of calm.

At this stage, although some interesting inscription protocols have emerged, such as Ethscriptions on Ethereum, they have not caused a sensation across the entire market. With the combined effects of easing interest rate hike expectations, positive news regarding Bitcoin ETFs, and the launch of the Brc-20 swap feature on a certain trading platform, the MEME token ORDI of Brc-20 has taken the lead in the rally. Subsequently, various inscription protocols have emerged throughout the Bitcoin ecosystem, such as the Atomicals protocol, Runes protocol, and Pipe protocol. This wave quickly spread to Ethereum and then expanded to other EVM-compatible chains like Polygon and Fantom. Meanwhile, non-EVM-compatible chains like Solana, leveraging the previous strong price surge of coins, have also seen their inscription MEMEs garner market attention.

However, as the MEME king of the last bull market, how has the Doge ecosystem performed recently? It is well known that Doge is a fork from Bitcoin's code, and technically, there is not much difference between the two. Therefore, Doge should theoretically be able to easily transplant some of Bitcoin's inscription protocols. However, in reality, the Drc-20, which is forked from the Brc-20 standard, has not caused much of a reaction in 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, by querying relevant data panels, it can be found that there are already multiple panels monitoring the flagship token pols of the Prc-20 protocol, but there are no relevant data panels for the Drc-20.

Overall, in the field of inscriptions, the Doge chain has almost not produced any compelling narratives. The UTXO model-based inscription innovations are mainly concentrated on the Bitcoin chain, while the inscription narrative of Doge is merely a fork based on this and combines the inherent MEME attributes of Doge for simple promotion. Discussions about the advantages of Drc-20 often appear ambiguous and lack substantive content. Regarding the development prospects of the Drc-20 protocol, some claim it can "bring development space for DeFi" and "realize decentralized lending, liquidity mining, and other financial activities," but in reality, the relevant infrastructure has not yet been established. This further indicates that discussing technological innovations or grand narratives based on the Doge chain is not appropriate, as there is no real innovation in itself.

Nevertheless, the Doge community's activities in other areas are still worth paying attention to. For example, it seems that Doge is really going to land on 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 aboard ULA's Vulcan Centaur rocket to the moon. If this mission ultimately succeeds, "Doge to the moon" will no longer just be a slogan, but will become a reality.

Doge officials emphasize that the community funded this task as early as 2015. This approach aligns more with Doge's characteristics, which focus on fun community consensus rather than deep technical consensus. It is believed that after this task is completed, Doge will cross an important milestone, further consolidating its position as the leader of MEME coins. This will undoubtedly attract more people to pay attention to and join the Doge community, after all, in the world of cryptocurrency, long-term holders are keen to participate in such interesting activities.