Putting aside Musk's shouting orders, how is the development of the Dogecoin ecosystem?

Author: H+H@InfoFlow

Typography: ZaynR@InfoFlow

Starting from Doge’s moon landing program, what has the Doge ecosystem been doing recently?

Looking back at the last bull market, there have been too many hot projects since DeFi Summer. After the crash on May 19, 2021, the market quickly recovered and hit the highs again. Until the Federal Reserve raised interest rates, superimposed on the thunderstorm of major institutions in the currency circle, liquidity gradually lost, and the market turned into a deep bear. The two peaks of the last bull market can be divided by 519, and before the first peak carnival ends, Doge is the brightest project at that time. Many researchers will see the outbreak of MEME as a signal that the bull market is coming to an end, because at this time, the market is full of restless investors, FOMO sentiment is rising daily, rational value investment judgments almost no longer exist, and the market bubble is infinitely amplified.

“Doge to the moon” is the most widely circulated slogan in the Doge community, on the eve of 519, Doge’s market value really “landed on the moon”, and the big name that cheered for the price of Doge at this time was Musk. Musk founded SpaceX, a private space manufacturer and space transportation company. The slogan of Doge rushing to the moon has a strong correlation with Musk and SpaceX, so much so that in the last round of bull market, Musk’s tweets can largely affect the price of Doge. Interestingly, after the market entered a bear market, the success of SpaceX’s rocket launch test will affect the price of Doge to fluctuate up and down.

Recently, as the Federal Reserve stopped raising interest rates and some good news from BTC ETFs, the market climbed out of a deep bear trough and started a round of MEME outbreak based on the BTC public chain. Contrary to the empirical conclusions of researchers, this round of crypto world recovery began with the take-off of MEME. In fact, Brc-20 had already exploded once a few months ago, driven by UniSat, but it quickly cooled down, and then the market fell into a narrative flat cycle. There are also some interesting inscription protocols at this stage, such as Ethions on Ethereum, but they are not enough to cause a stir and FOMO in the entire market. Then, with the aforementioned interest rate hike not expected, the BTC ETF news, and the launch of UniSat’s Brc-20 swap function, Brc-20’s MEME coin ORDI led the rise first, and then various inscription protocols emerged throughout the BTC ecosystem, such as Atomicals protocol, Runes protocol, Pipe protocol, etc. The heat quickly burned to Ethereum, and after Ethereum was burned, it went to EVM-compatible chains, such as polygon and Fantom. At the same time, non-EVM-compatible chains such as Solana, taking advantage of the previous strong rise in the price of the coin, its inscription MEME has also caused market FOMO.

But having said all this, as the king of MEME in the last round of bull market, what has the Doge ecosystem been doing in the latest stage? It can be known that Doge is generated by the forked BTC code, and it can be said that it is almost the same in terms of technology, so Doge is very easy to port some inscription protocols of BTC. But it seems that the fork of the Brc-20 standard Drc-20 has not caused a huge response in the market, and the current heat is far less than that of the Prc-20 of the Polygon chain. As of the time of writing, there are already a number of top token pols that monitor the Prc-20 protocol, but there is no such dashboard when searching for Drc-20.

In general, in the field of inscriptions, there are hardly any interesting narratives on the Doge chain, and the inscription innovation based on the UTXO model is mainly focused on the BTC chain, while the inscription narrative of Doge is only forked on this basis, and combined with Doge’s natural MEME identity for rough publicity. The author saw a high-read propaganda tweet on X, which mainly discusses the advantages of Drc-20, but the whole article is almost ambiguous, and the advantages of the protocol are only briefly talked about being more decentralized, but how to reflect more decentralization, but not a word. As for the development prospects of the Drc-20 protocol, it is said that it “brings space for the development of DeFi” and can “realize financial activities such as decentralized lending and liquidity mining”, but in fact, there is no relevant infrastructure at all. This further reflects that based on the Doge chain, in fact, there is no need to talk about technology, talk about big narratives, because there is no real innovation in itself, and natural hard technology will make CX advertorials appear nondescript.

Of course, in addition to the field of inscriptions, although the Doge ecosystem is average, the Doge community is still remarkable in other aspects. For example, Doge seems to be actually going to the moon. On November 16, it was confirmed on Dogecoin’s official X that a robotics company, Astrobotic, planned to put the physical Doge in the DHL Moonbox and send it to the moon by ULA’s Vulcan Centaur rocket, and if this mission is ultimately successful, “Doge to the moon” will become a reality.

At the end of the post, Doge emphasized that the community funded the mission in 2015, which is the right CX for Doge, i.e., a more interesting community consensus rather than a higher technical consensus. I believe that after the completion of this mission, it will mark an important milestone for Doge, and its status as the top MEME brand will be even more unshakable, which will make more people pay attention to or join the Doge community, after all, hodlers in the crypto world are extremely enthusiastic about work.