狗狗币（DOGE）在过去一年里翻了两番，但它并不是比特币（BTC）的绝佳替代品

狗狗币最近的上涨主要是由特朗普的选举胜利推动的。在特朗普表示他将任命埃隆·马斯克和维韦克·拉马斯瓦米领导计划中的政府效率部（DOGE）以根除浪费的政府支出后，涨势加剧。

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.

比特币（BTC -0.25%）在过去一年中上涨了一倍多，目前交易价格接近历史高点。其第一支现货ETF在1月份获得批准，在4月份减半，两次降息，特朗普的选举胜利又让多头蜂拥而至。

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.

但狗狗币 (DOGE -4.26%) 最初创建于 2013 年，是对比特币的模仿，并以柴犬命名，在过去一年里价格上涨了四倍多。狗狗币的价格通常是由埃隆·马斯克关于加密货币的随机推文驱动的。 2022 年，他甚至允许狗狗币用于他的汽车公司特斯拉的某些购买。

Image source: Getty Images.

图片来源：盖蒂图片社。

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?

狗狗币最近的上涨主要是由特朗普的选举胜利引发的。在特朗普表示他将任命埃隆·马斯克和维韦克·拉马斯瓦米领导计划中的政府效率部（DOGE）以根除浪费的政府支出后，集会升温。这一消息以及特朗普支持加密货币的立场帮助狗狗币超越了比特币。那么，投资者今天应该购买这种较小的模因币而不是比特币吗？

Dogecoin and Bitcoin similarities and differences

狗狗币和比特币的异同

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.

狗狗币是根据莱特币的开源代码创建的，莱特币是之前从比特币区块链中分叉或分离出来的另一种代币。与比特币和莱特币一样，狗狗币代币是通过能源密集型工作量证明（PoW）共识机制开采的。但为了与其他 PoW 代币区分开来，狗狗币开发人员推出了一种名为 Scrypt 的新哈希算法，该算法使用的电量更少，交易处理速度更快。

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.

这一调整引起了自称为“总督军”的在线支持者以及马斯克、马克·库班、史努比狗狗、凯文·乔纳斯和吉恩·西蒙斯等知名投资者的注意。结果，狗狗币在 2021 年 5 月 8 日飙升至 0.73 美元的历史新高，较 2014 年 1 月 23 日的最早交易价格 0.001540753 美元上涨了 47,279%。这次上涨将使 10,000 美元的投资变成 470 万美元。

Dogecoin has some glaring weaknesses

狗狗币有一些明显的弱点

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.

但同样的投资现在价值约 240 万美元。两大挑战阻止狗狗币成为下一个比特币或以太坊。首先，狗狗币是一种通货膨胀代币，没有供应上限。目前有 1500 亿枚狗狗币在流通，并且供应量以每分钟约 10,000 个代币的速度增加。比特币的最大供应量为 2100 万枚，其中 1980 万枚已被开采。这种稀缺性使得比特币更像黄金和其他实物资产，而不是狗狗币。

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，狗狗币本身并不支持智能合约，智能合约用于开发去中心化应用程序（dApp）、不可替代代币（NFT）和其他加密资产。像以太坊这样的权益证明 (PoS) 区块链支持智能合约，因此它们的价值通常取决于其开发者生态系统的受欢迎程度和规模。 PoS 代币还可以“质押”（锁定）在区块链上以获得类似利息的奖励。相比之下，Shiba Inu 于 2020 年作为狗狗币的模仿而创建，是一种基于以太坊的 PoS 代币，支持质押和智能合约。

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.

简而言之，狗狗币的区块链比比特币更快，但其通货膨胀性质将阻止其变得像比特币一样稀缺。它缺乏对智能合约的支持也限制了它对开发人员的吸引力，他们会选择以太坊或其他 PoS 区块链来构建他们的应用程序和代币。

Why Dogecoin isn't a great alternative to Bitcoin

为什么狗狗币不是比特币的绝佳替代品

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.

狗狗币可能会再次成为人们关注的焦点，但由于它尚未解决最紧迫的问题，其交易价格仍远低于历史高点。一旦当前的新闻周期降温，它可能会放弃选举后的许多收益。

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.

与此同时，比特币应该具有更强的持久力，因为它成为许多投资者的数字黄金等价物。其预定的减半（每四年将挖矿奖励减少一半）应该会持续收紧其供应并提振其价值。

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.

更多的机构投资者可以购买比特币，更多受通货膨胀困扰的国家可以采用该代币作为本国货币。因此，虽然比特币可能不像狗狗币那样令人兴奋或具有模因性，但对于大多数投资者来说，它可能是更好的长期投资。