狗狗幣（DOGE）在過去一年翻了兩番，但它並不是比特幣（BTC）的絕佳替代品

狗狗幣最近的上漲主要是由川普的選舉勝利推動的。在川普表示他將任命伊隆·馬斯克和維韋克·拉馬斯瓦米領導計劃中的政府效率部（DOGE）以根除浪費的政府支出後，漲勢加劇。

Bitcoin (BTC -0.25%) has more than doubled over the past year and is trading near its all-time high. Its first spot price exchange-traded funds (ETFs) were approved in January, it was halved in April, interest rates were cut twice, and Trump's election victory brought back a stampede of bulls.

比特幣（BTC -0.25%）在過去一年中上漲了一倍多，目前交易價格接近歷史高點。其第一支現貨ETF在1月獲得批准，在4月減半，兩次降息，川普的選舉勝利又讓多頭蜂擁而至。

But Dogecoin (DOGE -4.26%) -- which was originally created in 2013 as a parody of Bitcoin and named after a Shiba Inu dog -- has more than quadrupled over the past year. Dogecoin's price was often driven by Elon Musk's random tweets about the cryptocurrency. He even made Dogecoin acceptable for certain purchases at his car company, Tesla, in 2022.

但狗狗幣 (DOGE -4.26%) 最初創建於 2013 年，是對比特幣的模仿，並以柴犬命名，在過去一年裡價格上漲了四倍多。狗狗幣的價格通常是由馬斯克關於加密貨幣的隨機推文驅動的。 2022 年，他甚至允許狗狗幣用於他的汽車公司特斯拉的某些購買。

Image source: Getty Images.

圖片來源：蓋蒂圖片社。

Dogecoin's latest rally was largely sparked by Trump's election victory. The rally picked up steam after Trump said he would appoint Elon Musk and Vivek Ramaswamy to lead the planned Department of Government Efficiency (DOGE) to root out wasteful government spending. That news -- along with Trump's pro-crypto stance -- helped Dogecoin outpace Bitcoin. So should investors buy this smaller meme coin instead of Bitcoin today?

狗狗幣最近的上漲主要是由川普的選舉勝利引發的。在川普表示他將任命伊隆·馬斯克和維韋克·拉馬斯瓦米領導計劃中的政府效率部（DOGE）以根除浪費的政府支出後，集會升溫。這一消息以及川普支持加密貨幣的立場幫助狗狗幣超越了比特幣。那麼，投資者今天應該購買這種較小的迷因幣而不是比特幣嗎？

Dogecoin and Bitcoin similarities and differences

狗狗幣和比特幣的異同

Dogecoin was created from the open source code for Litecoin, another token that was previously forked, or split off, from Bitcoin's blockchain. Like Bitcoin and Litecoin, Dogecoin tokens were mined with the energy-intensive proof-of-work (PoW) consensus mechanism. But to differentiate itself from other PoW tokens, Dogecoin developers launched a new hashing algorithm called Scrypt, which used less power and processed transactions faster.

狗狗幣是根據萊特幣的開源程式碼創建的，萊特幣是之前從比特幣區塊鏈中分叉或分離出來的另一種代幣。與比特幣和萊特幣一樣，狗狗幣代幣是透過能源密集型工作量證明（PoW）共識機制開采的。但為了與其他 PoW 代幣區分開來，狗狗幣開發人員推出了一種名為 Scrypt 的新哈希演算法，該演算法使用的電量更少，交易處理速度更快。

That tweak caught the attention of online supporters, who dubbed themselves the "Doge Army," as well as high-profile investors like Musk, Mark Cuban, Snoop Dogg, Kevin Jonas, and Gene Simmons. As a result, Dogecoin soared to an all-time high of $0.73 on May 8, 2021 -- a 47,279% gain from its earliest trading price of $0.001540753 on Jan. 23, 2014. That rally would have turned a $10,000 investment into $4.7 million.

這項調整引起了自稱為「總督軍」的線上支持者以及馬斯克、馬克·庫班、史努比狗狗、凱文·喬納斯和吉恩·西蒙斯等知名投資者的注意。結果，狗狗幣在2021 年5 月8 日飆升至0.73 美元的歷史新高，較2014 年1 月23 日的最早交易價格0.001540753 美元上漲了47,279%。萬美元。

Dogecoin has some glaring weaknesses

狗狗幣有一些明顯的弱點

But that same investment would now be worth about $2.4 million. Two major challenges prevented Dogecoin from becoming the next Bitcoin or Ethereum. First, Dogecoin is an inflationary token with no supply cap. There are currently 150 billion Dogecoins in circulation, and that supply is increasing by about 10,000 tokens per minute. Bitcoin has a maximum supply of 21 million tokens, of which 19.8 million have already been mined. That scarcity makes Bitcoin more like gold and other physical assets than Dogecoin.

但同樣的投資現在價值約 240 萬美元。兩大挑戰阻止狗狗幣成為下一個比特幣或以太幣。首先，狗狗幣是一種通膨代幣，沒有供應上限。目前有 1500 億枚狗狗幣正在流通，並且供應量以每分鐘約 10,000 個代幣的速度增加。比特幣的最大供應量為 2,100 萬枚，其中 1,980 萬枚已被開採。這種稀缺性使得比特幣更像黃金和其他實體資產，而不是狗狗幣。

Second, Dogecoin doesn't natively support smart contracts, which are used to develop decentralized applications (dApps), non-fungible tokens (NFTs), and other crypto assets. Proof-of-stake (PoS) blockchains like Ethereum support smart contracts, so they are often valued by the popularity and size of their developer ecosystems. PoS tokens can also be "staked" (locked up) on the blockchain to earn interest-like rewards. In contrast, Shiba Inu, which was created in 2020 as a parody of Dogecoin, is an Ethereum-based PoS token that supports staking and smart contracts.

其次，狗狗幣本身並不支援智能合約，智能合約用於開發去中心化應用程式（dApp）、不可替代代幣（NFT）和其他加密資產。像以太坊這樣的權益證明 (PoS) 區塊鏈支援智慧合約，因此它們的價值通常取決於其開發者生態系統的受歡迎程度和規模。 PoS 代幣還可以「質押」（鎖定）在區塊鏈上以獲得類似利息的獎勵。相比之下，Shiba Inu 於 2020 年作為狗狗幣的模仿而創建，是一種基於以太坊的 PoS 代幣，支持質押和智能合約。

Put simply, Dogecoin's blockchain is faster than Bitcoin's, but its inflationary nature will prevent it from becoming as scarce as Bitcoin. Its lack of support for smart contracts also limits its appeal to developers, who would choose Ethereum or other PoS blockchains to build their apps and tokens.

簡而言之，狗狗幣的區塊鏈比比特幣更快，但其通貨膨脹性質將阻止其變得像比特幣一樣稀缺。它缺乏對智能合約的支援也限制了它對開發人員的吸引力，他們會選擇以太坊或其他 PoS 區塊鏈來建立他們的應用程式和代幣。

Why Dogecoin isn't a great alternative to Bitcoin

為什麼狗狗幣不是比特幣的絕佳替代品

Dogecoin may be in the spotlight again, but it is still trading well below its all-time high as it hasn't addressed its most pressing issues. Once the current news cycle cools, it will likely give up many of its post-election gains.

狗狗幣可能會再次成為人們關注的焦點，但由於它尚未解決最緊迫的問題，其交易價格仍遠低於歷史高點。一旦當前的新聞週期降溫，它可能會放棄選舉後的許多收益。

Meanwhile, Bitcoin should have more staying power as it becomes the digital gold equivalent for many investors. Its scheduled halvings, which reduce the mining reward by half every four years, should consistently tighten its supply and buoy its value.

同時，比特幣應該具有更強的持久力，因為它成為許多投資者的數位黃金等價物。其預定的減半（每四年將挖礦獎勵減少一半）應該會持續收緊其供應並提振其價值。

More institutional investors could buy Bitcoin, and more inflation-wracked countries could adopt the token as their national currency. So while Bitcoin may not be as exciting or meme-able as Dogecoin, it will likely be a better long-term investment for most investors.

更多的機構投資者可以購買比特幣，更多受通貨膨脹困擾的國家可以採用該代幣作為本國貨幣。因此，雖然比特幣可能不像狗狗幣那樣令人興奮或具有迷因性，但對於大多數投資者來說，它可能是更好的長期投資。