From Doge to the Moon to the Meme Explosion Uncovering the Latest Trends in the Doge Ecosystem

Unveiling the Latest Trends in the Doge Ecosystem From Doge to the Moon and the Meme Craze

Author: H+H@InfoFlow

Starting with Doge’s moon landing plan, what has the Doge ecosystem been up to recently?

Looking back at the last bull market, there were too many hot projects that emerged since DeFi Summer. After experiencing a sharp drop on May 19, 2021, the market quickly recovered and reached new highs. However, with the combination of the Federal Reserve’s interest rate hike and major institutional failures in the cryptocurrency market, liquidity started to diminish and the market turned bearish. The two peaks of the last bull market can be divided by May 19th, and Doge was the most shining project before the first peak ended. Many researchers consider the explosion of meme coins as a signal that the bull market is coming to an end because the market was filled with restless and anxious investors. FOMO (Fear of Missing Out) sentiment was running high, rational value investment judgments were nearly non-existent, and market bubbles were inflating infinitely.

“Doge to the moon” is the most widely circulated slogan in the Doge community. Before May 19th, Doge’s market value really “reached the moon,” and the big star that cheered for Doge’s rise was Elon Musk. Musk founded SpaceX, a private aerospace manufacturer and space transportation company. The slogan of Doge heading to the moon and the strong correlation between Musk, SpaceX, and Doge had a significant impact on Doge’s price during the last bull market. Interestingly, during the bear market, the success or failure of SpaceX rocket launch tests also affected Doge’s price fluctuations.

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Recently, with the Federal Reserve’s decision to stop raising interest rates and some positive news about BTC ETFs, the market has climbed out of the deep bear market and started a new round of meme coin frenzy based on the BTC public chain. Contrary to the conclusions of researchers based on their past experiences, this crypto warming-up started with the rise of meme coins. In this round of frenzy, the most prominent one is the MEME of Brc-20. In fact, Brc-20 had already gained popularity a few months ago, driven by UniSat, but quickly cooled down, and the market entered a period of narrative dullness. In this stage, there were also some interesting inscription protocols, such as Ethscriptions on Ethereum, but they were not enough to cause a stir and FOMO in the entire market. Then, with the absence of the expected interest rate hike mentioned earlier, the positive BTC ETF news, and the launch of the Brc-20 swap function on UniSat, the MEME coin ORDI of Brc-20 took the lead, followed by various inscription protocols in the BTC ecosystem, such as Atomicals protocol, Runes protocol, Pipe protocol, and so on. The hype quickly spread to Ethereum, then to EVM-compatible chains such as Polygon and Fantom after Ethereum cooled down. At the same time, non-EVM-compatible chains like Solana also gained market FOMO for their inscription MEME, riding on the previous strong price surge.

But with all that said, what has the Dogecoin ecosystem been up to lately as the former meme king of the previous bull market? It’s worth knowing that Doge is a fork of the BTC code, so technically it’s almost identical. This means that Doge can easily adopt some of BTC’s scripting protocols. However, it seems that Doge’s fork of the BRC-20 standard, the DRC-20, hasn’t generated the same market hype as the PRC-20 of the Polygon network. As of the time of writing this article, a search on Dune for PRC-20 tokens shows several dashboards monitoring the protocol, but when searching for DRC-20, there are no relevant dashboards available.

Overall, in the scripting field, the Dogecoin chain doesn’t have any interesting narratives. The majority of scripting innovations based on the UTXO model are focused on the BTC chain, with Doge’s scripting narrative merely being a fork of that with rough promotion based on its innate meme identity. I came across a highly viewed piece of promotional content on X that discusses the advantages of DRC-20, but the entire piece is filled with ambiguous language. It briefly mentions the decentralized nature of the protocol, but fails to elaborate on how that is achieved. The article mentions that DRC-20 brings “development space for DeFi” and enables “decentralized lending, liquidity mining, and other financial activities,” but in reality, there is no relevant infrastructure in place. This further emphasizes that when it comes to Doge, it’s unnecessary to discuss technology or big narratives since there is no real innovation. Forcing technical aspects into the conversation will make the CX sponsored content seem out of place.

However, apart from the scripting field, the Dogecoin ecosystem has some noteworthy contributions in other areas. For example, Doge seems to be really going to the moon. On November 16th, Dogecoin’s official X confirmed that a robotics company called Astrobotic plans to place a physical Doge in the DHL Moonbox, which will be sent to the moon by ULA’s Vulcan Centaur rocket. If this mission succeeds, “Doge to the moon” will become a reality.

In the post’s closing remarks, Doge emphasized that the community funded this mission back in 2015. This is where CX that aligns with Doge comes into play, namely the more interesting community consensus rather than the more prestigious technical consensus. It is believed that after the completion of this mission, it will mark a significant milestone for Doge. Its position as the meme headliner will become even more unshakeable, attracting more attention and new members to the Doge community. After all, hodlers in the crypto world are extremely enthusiastic about such activities.

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