Ok, I think I found a solution, I just tried it on two 32GB SD cards and it worked on both.
For your information, I have several DSTwo and DSTwo+ and on one of them, I had exactly the same problem, as besides that I still had a functional DSTwo Linux installed, I did not push the tests, sorry for misleading you with the solution of the dmenu.ini file because for this problem in particular the solution of changing the dmenu.ini file does not work (in other cases it works but not in this case)
So to summarize, in the case where after the appearance of the penguin you get a black screen, it is very likely that the problem comes from the formatting.
To solve it, it's very simple, you don't need the particular formatting program, the Windows one does the job very well, you just have to choose the "default size allocation" option when you format your micro sd and not another size option, don't use a micro sd larger than 32GB and it should work.
EDIT :
I just reformatted my sd card, I was tinkering with CZDoom to run some pwads which don't work with DSDoom SVN, so I used moonshell to copy/paste some files from my ds lite (understand in avoiding going through my PC and taking my SD card out of my DSTwo) and by doing this, moonshell corrupted my SD card, anyway, to come back to the subject, I had to reformat my SD card again from my PC this time and I confirm that for the third time, by formatting the card by setting the default allocation size option with windows, it works, 3 tries, 3 positive results