Apart from Musk’s single call, how is the development of the Dogecoin ecosystem going?

How Is the Dogecoin Ecosystem Progressing Besides Musk's One Phone Call?

Author: H+H@InfoFlow

Layout: ZaynR@InfoFlow

Starting with Dogecoin’s lunar mission, what has the Dogecoin ecosystem been up to recently?

Looking back at the last bull market, there were too many hot projects emerging since the DeFi Summer. After the market witnessed a sharp drop on May 19, 2021, it quickly regained its vitality and reached new highs. However, with the Federal Reserve raising interest rates and major institutions in the crypto world facing scandals, liquidity gradually declined, and the market turned into a deep bearish state. The two peaks of the last bull market can be divided by May 19th (519). Before the end of the first peak, Dogecoin was the most eye-catching project at that time. Many researchers viewed the explosion of meme coins as a signal that the bull market was coming to an end, as the market was filled with restless and anxious investors, FOMO sentiment was high, and rational value investment judgments were nearly non-existent, resulting in an infinite bubble in the market.

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“Doge to the moon” is the most widely spread slogan in the Dogecoin community. Before 519, Dogecoin’s market value really “went to the moon.” Elon Musk was the big supporter of Dogecoin at that time. Musk founded SLianGuaiceX, a private aerospace manufacturer and space transportation company. The slogan of Dogecoin going to the moon and the strong association with Musk and SLianGuaiceX played a significant role. During the last bull market, Musk’s tweets had a considerable influence on Dogecoin’s price. Interestingly, during the bear market, the success or failure of SLianGuaiceX’s rocket launches would also have an impact on Dogecoin’s price fluctuations.

Recently, with the Federal Reserve stopping interest rate hikes and some positive news about Bitcoin ETFs, the market has climbed out of the deep bear market and started a new meme explosion based on the BTC blockchain. Contrary to the conclusions of researchers, this warm-up of the crypto world began with the meme frenzy. In this round of explosion, the most dominant player is the Brc-20 meme, which actually had a previous surge months ago, promoted by UniSat, but quickly cooled down, and the market entered a period of narrative flatness. At this stage, there were also some interesting inscription protocols, such as Ethscriptions on Ethereum, but they were not enough to cause a sensation and FOMO in the entire market. Then, with the absence of the previously mentioned interest rate expectations, the BTC ETF news, and the launch of UniSat’s Brc-20 swap function, etc., the MEME coin ORDIs of Brc-20 led the way, followed by numerous inscription protocols in the BTC ecosystem, such as Atomicals, Runes, Pipe, and others. The heat quickly spread to Ethereum, then to EVM-compatible chains like Polygon and Fantom after Ethereum burned out. Meanwhile, Solana, a non-EVM-compatible chain, leveraged its previous strong price increase and its inscription MEME also sparked market FOMO.

But with all that aside, what has the Dogecoin ecosystem been up to as the meme king of the last bull market? As you may know, Dogecoin was forked from the Bitcoin code, so it’s almost identical from a technical perspective. This means that Dogecoin can easily adopt some of Bitcoin’s scripting protocols. However, it seems that the fork from the Brc-20 standard to the Drc-20 standard hasn’t generated much market buzz, and its current popularity is far behind that of the Prc-20 standard on the Polygon chain. As of the time of writing this article, a search on Dune for relevant dashboards shows that there are already several prominent tokens monitoring the Prc-20 protocol, but there are no related dashboards for Drc-20.

In terms of scripting innovations, Dogecoin has almost no interesting narrative. Most of the innovation in scripting based on the UTXO model is concentrated on the Bitcoin chain, and Dogecoin’s scripting narrative is simply a fork of that with a rough promotion that leverages its inherent meme identity. I came across a highly read promotional article on X that mainly discusses the advantages of Drc-20, but the entire article is full of ambiguous language. It briefly mentions the decentralized nature of the protocol but doesn’t provide any specifics on how it achieves decentralization. As for the future development prospects of Drc-20, they say it “brings opportunities for DeFi” and can enable “decentralized lending, liquidity mining, and other financial activities,” but in reality, there is no related infrastructure in place. This further highlights the fact that when it comes to Dogecoin, there’s no need to talk about technology or grand narratives because it lacks real innovation, and trying to force the issue with technical terms will only make the CX soft article seem out of place.

Of course, aside from scripting, the Dogecoin ecosystem, while not making significant strides, still has some notable activities in other aspects. For example, it seems that Dogecoin is really going to the moon. On November 16th, the official Dogecoin X confirmed that the robot company Astrobotic is planning to place a physical Dogecoin in the DHL Moonbox, which will be sent to the moon by ULA’s Vulcan Centaur rocket. If this mission is successful, “Doge to the moon” will become a reality.

At the end of the post, Doge emphasized that the community funded this mission back in 2015, and this is the true adaptation of Doge – a more interesting community consensus, rather than a more sophisticated technical consensus. It is believed that after the completion of this mission, it will mark a significant milestone for Doge, and its position as the top MEME token will be even more unshakeable. This will attract more attention and new members to the Doge community, because let’s face it, hodlers in the crypto world are extremely passionate about creating mischief.

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