Analysis of Recent Developments and Future Prospects of the Doge Ecosystem

Looking back at the last bull market, a large number of hot projects emerged from 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 the continuous collapse of institutions in the cryptocurrency sector, liquidity gradually drained, and the market entered a deep bear market. The two peaks of the last bull market can be divided by May 19, with Doge being the most prominent project before the end of the first peak.

Many analysts view the surge of MEME coins as a signal that the bull market is about to end. This is because the market is filled with anxious investors, FOMO sentiment is high, rational value investment judgment has almost disappeared, and market bubbles continue to expand.

"Doge to the moon" is a slogan widely circulated in the Doge community. On the eve of May 19, Doge's market value indeed "went to the moon." At that time, one of the key factors driving up Doge's price was the support of a well-known entrepreneur. This entrepreneur founded a private aerospace manufacturer and space transportation company. The slogan of Doge going to the moon became strongly associated with this entrepreneur and his company, to the extent that during the last bull market, the entrepreneur's social media statements could significantly influence Doge's price. Interestingly, even after the market entered a bear phase, the success or failure of the company's rocket launch tests still affected Doge's price fluctuations.

Recently, with the Federal Reserve halting interest rate hikes and the positive news about the BTC ETF, the market has gradually emerged from the depths of a bear market and has sparked a new wave of MEME coin hype based on the BTC public chain. Contrary to analysts' expectations, this round of recovery in the crypto market began with the rise of MEME coins. In this wave of enthusiasm, Brc-20 MEME coins have stood out the most. In fact, Brc-20 had gained immense popularity a few months ago under the promotion of a certain platform, but soon cooled down, and the market subsequently entered a period of calm.

At this stage, some interesting inscription protocols have emerged, such as Ethscriptions on Ethereum, but they did not trigger a frenzy and FOMO in the entire market. Subsequently, driven by multiple factors such as easing interest rate hike expectations, positive news regarding BTC ETFs, and the launch of Brc-20 swap functionalities on certain platforms, the MEME coin ORDI of Brc-20 led the market surge. Soon after, various inscription protocols emerged in the entire BTC ecosystem, such as Atomicals protocol, Runes protocol, Pipe protocol, etc. The hype quickly spread to Ethereum and then to EVM-compatible chains like Polygon and Fantom. At the same time, non-EVM-compatible chains like Solana, leveraging the previous strong price surge, also triggered market FOMO with their inscription MEME.

However, as the meme king of the last bull market, the recent development of the Doge ecosystem seems relatively calm. Doge is a fork of the BTC code and is almost identical in technical terms, making it easy to transplant some of BTC's inscription protocols. However, the Drc-20 forked from the Brc-20 standard has not caused a significant market reaction, and its current popularity is far less than that of the Prc-20 on the Polygon chain. According to the relevant data dashboards on Dune, there are multiple dashboards monitoring the leading tokens of the Prc-20 protocol, such as pols, but there are no relevant data dashboards for Drc-20.

Overall, in the field of inscriptions, the Doge chain has hardly any remarkable innovations. The inscription innovations based on the UTXO model mainly concentrate on the BTC chain, while the Doge inscription narrative merely forks from this basis and combines it with the inherent MEME attributes of Doge for simple promotion. Some promotional articles attempt to explore the advantages of Drc-20, but most use vague expressions, lacking specific technical details and practical application cases.

Despite the relatively slow development in the field of inscriptions, the activities of the Doge community in other areas are 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 plans to send a physical Doge in a special container to the moon aboard a certain rocket. If this mission ultimately succeeds, "Doge to the moon" will become a reality.

The Doge community emphasized that it funded this task as early as 2015. This action aligns more with the community characteristics of Doge, which focus on fun community consensus rather than deep technical consensus. It is believed that after the completion of this task, it will mark an important milestone for Doge, further consolidating its position as a top MEME. This may attract more people to pay attention to or join the Doge community, as long-term holders in the cryptocurrency world are very keen to participate in such fun activities.