Starting from the journey of DOGE to the moon: Exploring the latest developments in the Doge ecosystem

Looking back at the last bull market, since the DeFi Summer, a large number of popular projects have emerged in the market. 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 successive collapse of cryptocurrency institutions, market liquidity gradually decreased, eventually falling into a deep bear market. The last bull market can be divided into two peak periods by the number 519, and before the end of the first peak period, Doge was undoubtedly the most eye-catching project.

Many analysts view the explosion of MEME coin as a signal that the bull market is about to end. This is because, at this stage, the market is filled with impatient investors, FOMO sentiment is high, and rational value investment judgments are almost non-existent, leading to a continuous expansion of the market bubble.

"Doge to the moon" is a slogan widely spread in the Doge community. On the eve of May 19, Doge's market value indeed "took off to the moon." At that time, one of the key factors driving the rise in Doge's price was the support of a well-known entrepreneur. The aerospace company founded by this entrepreneur had a strong connection to the slogan of Doge rushing to the moon, to the extent that during the last bull market, his social media comments could significantly influence Doge's price. Interestingly, even after the market entered a bear phase, the results of the aerospace company's rocket launch tests continued to affect the price fluctuations of Doge.

Recently, with the Federal Reserve halting interest rate hikes and some favorable news regarding BTC ETFs, the market has begun to recover from a deep bear market, sparking a new wave of MEME coin frenzy on the BTC public chain. Unlike previous experiences, this round of the cryptocurrency market's rebound started with the rise of MEME coins. Among this wave, Brc-20 MEME coins have performed the most prominently.

In fact, Brc-20 had already exploded a few months ago due to the push from a trading platform, but it quickly cooled down, and the market subsequently entered a period of stagnation. During this phase, although some interesting inscription protocols emerged, such as Ethscriptions on Ethereum, they did not cause a stir in the entire market. Subsequently, due to the combined effects of weakening interest rate hike expectations, positive news regarding BTC ETFs, and the launch of a Brc-20 swap feature on a trading platform, the MEME coin ORDI led the surge, followed closely by various inscription protocols emerging in the entire BTC ecosystem, such as Atomicals, Runes, and Pipe.

The popularity quickly spread to Ethereum and then to other EVM-compatible chains such as Polygon and Fantom. At the same time, non-EVM-compatible chains like Solana, with the momentum of previous strong price increases, saw its inscription MEME also attracting 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 forked from the BTC code, and technically, they are quite similar, so Doge can easily adopt some of BTC's inscription protocols. However, it seems that the Drc-20, which is forked from the Brc-20 standard, has not generated a significant market response, 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 almost no notable innovations. The inscription innovations based on the UTXO model are mainly concentrated on the BTC chain, while the inscription narrative of Doge is merely a fork based on this, combined with the inherent MEME attributes of Doge for simple promotion.

Despite the lack of notable developments in the inscriptions field, the Doge community's activities in other areas are still worth paying attention to. For example, Doge seems to really be heading to the moon. On November 16, the official Doge social media account confirmed that a robotics company, Astrobotic, plans to send a physical Doge inside a DHL Moonbox, launched to the moon by ULA's Vulcan Centaur rocket. If this mission is ultimately successful, "Doge to the moon" will become a reality.

In the announcement, Doge emphasized that the community funded this mission as early as 2015. This approach is more in line with Doge's characteristics, which focus on fun community consensus rather than profound technical consensus. It is believed that after this mission is completed, Doge will cross an important milestone, further solidifying its leadership position among MEME coins. This will undoubtedly attract more people to pay attention to and join the Doge community, as holders in the crypto world are keen to participate in such interesting activities.