In a new analysis, prominent crypto analyst Miles Deutscher revealed his thesis on a crypto that he believes could rival Dogecoin in this market cycle. With over 550,000 subscribers on X and 208,000 YouTube subscribers, Deutscher’s ideas carry significant weight in the crypto community.
Titled “I just found the next DOGE!” (10X Potential…or More?),” Deutscher’s video explores the untapped potential of Luckycoin (LKY) – a meme coin that not only predates Dogecoin, but was instrumental in its creation. “Dogecoin was originally a fork of a cryptocurrency called Luckycoin, itself a fork of Litecoin,” Deutscher pointed out, referring to the official Dogecoin website. This connection places Luckycoin at the very foundation of Dogecoin’s existence.
Is Luckycoin the “next Dogecoin”?
To support his claim, Deutscher cited a podcast featuring Jackson Palmer, co-creator of Dogecoin. Palmer said: “You know, you were asking me before the show, why was there a decision to create a fork of Luckycoin, which itself was a fork of Litecoin, which itself is a fork of Bitcoin… And that’s because Luckycoin had this whole notion. of built-in random block rewards.
Deutscher further pointed out that Dogecoin’s source code contains almost identical lines to Luckycoin’s, with the main difference being the replacement of “Luckycoin” with “Dogecoin.” Luckycoin, launched in May 2013, saw its network shut down in November 2013. The last original block, numbered 81,743, was mined on November 26, 2013. The reasons for its dormancy included the disappearance of its founder and the unavailability of durable of its random block. rewards, which deters minors.
However, on August 25, 2024, the network was relaunched from block 81,744. This community-led takeover reignited interest in Luckycoin, making it one of the oldest actively operated chains. “This makes it the oldest coin blockchain ever created. What is the next oldest running coin blockchain? Well, it’s Doge, and Luckycoin is actually older than Doge,” Deutscher pointed out.
The revival led to a dramatic increase in Luckycoin’s hash rate. At one point, it overtook Litecoin and Dogecoin. “When you see a spike like this in interest in mining a coin, there are two reasons for that: First, when the price increases, it creates a flywheel of more and more people who exploit, because they see that there is profitability there. Second, exchanges that actually want to list a coin that may not have the necessary supply (…) The only way for them to acquire enough Lucky to get listed is to actually mine the coin themselves ” explained Deutscher.
Notably, industry insider Crypto Dog hinted at the major exchanges that operate Luckycoin: “I’m not naming names, but I know that a top-tier exchange is currently accumulating Lucky through LTC merge mining. “
Deutscher has corrected discrepancies in Luckycoin’s market capitalization reported on platforms like CoinMarketCap and CoinGecko, which list it at around $100 million. He argued that these figures are misleading due to lost or dormant coins dating from the early days of mining.
Taking into account approximately 8 million Luckycoins likely lost or inaccessible, Deutscher calculated that the true active supply was approximately 6.2 million Luckycoins. At the current price of $9, Luckycoin’s market capitalization stands at approximately $56 million.
Comparing this to Dogecoin’s $64 billion market cap, Deutscher highlighted the growth potential: “Luckycoin is at 1,141x Doge, which is a huge gap and, I think, a very powerful bombing point for retail because this is the OG Doge. »
Deutscher presented a series of scenarios illustrating the potential of Luckycoin:
- 5x Increase: Market cap reaches $282 million, representing 0.44% of Dogecoin’s market cap.
- 10x Increase: Reaches 1% of Dogecoin’s market cap at $600 million.
- 20x increase: Reaches 1.75% of Dogecoin’s market cap at $1.1 billion.
Highlighting the importance of storytelling in cryptography, Deutscher said: “Cryptography is driven by narratives; crypto is driven by stories. Personally, I haven’t found such a compelling crypto story in a long time. He believes that Luckycoin’s rich history and direct connection to Dogecoin provides a compelling narrative that could resonate with both retail investors and the broader crypto community.
Looking ahead, Deutscher has identified the Chinese New Year on January 29 as a potential catalyst. In Chinese culture, luck and prosperity are highly valued, and Luckycoin’s branding aligns perfectly with these themes.
“Chinese culture is focused on luck, prosperity, wealth and health. Luckycoin is literally the epitome of that (…) If China picks up this narrative, the stars align for this coin to work really, really well,” he suggested.
Currently, Luckycoin is not widely available on major exchanges, which Deutscher sees as both a challenge and an opportunity. “It’s not on a Bybit, an OKX, a Binance, a Coinbase… It just got listed on MEXC. Because these are not large exchanges, liquidity is thin (…) Once it becomes accessible (…) it could potentially lead to the floodgates opening for retailers to come in and actually buy this coin “, he noted.
Beyond his own advocacy, Deutscher pointed out that other influential figures are beginning to discuss Luckycoin. Notably, Ansem, known for his influence on Solana-based projects, recognized Luckycoin as the “OG Doge.”
“The important thing here is the fact that he knows it and he’s talking about it…I think this will only continue to gain traction, not only because it contains the OG Doge narrative in a cycle where Doge is doing so well, but also because there is also this Chinese New Year narrative,” Deutscher predicted.
Deutscher disclosed its own investment in Luckycoin, accumulating it between $2.20 and $3.20. He emphasized transparency, saying: “I am not being paid to make this video. I don’t get paid because there is no team. I did not qualify for a discounted OTC. I put my own money into it; I supported this myself. I myself took up this story because I believe in it.
Although optimistic about Luckycoin’s prospects, Deutscher warned of the inherent risks: “It’s a risky meme. This is a 50 million market cap meme. It could potentially crash. I don’t know what will happen (…) Memecoins are risky, right? There is no sure bet.
At press time, LKR was trading at $15.64.
