This article is also available in Spanish.
In a new analysis, prominent cryptocurrency analyst Miles Deutscher revealed his analysis thesis On a cryptocurrency that he believes can compete with Dogecoin this market cycle. With over 550,000 followers on X and 208,000 subscribers on YouTube, Deutscher’s insights carry significant weight in the cryptocurrency community.
Titled “I’ve Just Found the Next DOGE! (10X Potential…or More?)”, Deutscher’s video explores the untapped potential of Luckycoin (LKY) – a meme that not only predated Dogecoin, but was instrumental in its creation . “Dogecoin was originally a fork of a cryptocurrency called Luckycoin, which itself is a fork of Litecoin,” Deutscher noted, referring to Dogecoin’s official website. This association places Luckycoin at the foundation of Dogecoin’s existence.
Is Luckycoin the “next Dogecoin”?
To prove his claim, Deutscher cited a podcast featuring Jackson Palmer, co-founder of Dogecoin. “You know, you were asking me before the show, like, why there was a decision to fork Luckycoin, which was itself a fork of Litecoin, which is itself a fork of Bitcoin… and that’s because Luckycoin had this whole idea of rewards,” Ballmer stated. Built-in randomness.”
Related reading
Deutscher also noted that Dogecoin’s source code contains almost identical lines to Luckycoin, with the primary difference being that “Luckycoin” is replaced by “Dogecoin.” Launched in May 2013, Luckycoin saw its network shut down in November 2013. The last original block, numbered 81,743, was mined on November 26, 2013. Reasons for its inactivity included the disappearance of its founder and the unsustainable nature of its random block. Bonuses that deterred miners.
However, on August 25, 2024, the network was revived starting from block 81,744. This community-led acquisition has reignited interest in Luckycoin, making it one of the oldest active mining chains in existence. “That makes it the longest series of coins ever. What’s the oldest series of coins in operation? Well, it’s the Doge, and the Lucky Coin is actually older than the Doge,” Deutscher confirmed.
This revival has led to a significant increase in Luckycoin hash rate. At some point, it surpassed 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 goes up, it creates a flywheel of more people mining because they see there is profitability there. Second, exchanges that actually want to list a coin It may not have the necessary supply (…) The only way for them to get enough Lucky to list is to actually mine the currency themselves,” Deutscher explained.
It is worth noting that industry insider Crypto Dog alluded to major exchanges mining Luckycoin: “I don’t mention names, but I know that one tier-one exchange is currently aggregating Lucky through LTC merge mining.”
Deutscher addressed discrepancies in Luckycoin’s market cap reported on platforms like CoinMarketCap and CoinGecko, which list it at around $100 million. He said these numbers are misleading because of missing or dormant coins from the early days of mining.
Related reading
Accounting for approximately 8 million Luckycoins that are likely missing or inaccessible, Deutscher calculated the true active supply at approximately 6.2 million Luckycoins. At the current price of $9, this puts Luckycoin’s market cap at around $56 million.
Comparing that to Dogecoin’s market capitalization of $64 billion, Deutscher highlighted the growth potential: “Luckycoin is 1,141 times behind Doge, which is a massive contrast, and I think it’s a really strong starting point for retail because this is the OG Doge.”
Deutscher presented a series of scenarios that illustrate Luckycoin’s potential:
- 5x increase: Market cap reaches $282 million, representing 0.44% of Dogecoin’s market cap.
- 10x increase: Achieving 1% of Dogecoin’s market cap of $600 million.
- 20x increase: up to 1.75% of Dogecoin’s market cap of $1.1 billion.
Emphasizing the importance of storytelling in the cryptocurrency space, Deutscher said: “Cryptocurrencies are driven by narrative; Cryptocurrencies are driven by stories. “I personally haven’t found a compelling story like this in the cryptocurrency space in a long time.” He believes Luckycoin’s rich history and direct connection to Dogecoin provides a compelling story that could resonate with both retail investors and the broader cryptocurrency community.
Looking ahead, Deutscher identified the upcoming Chinese New Year on January 29 as a potential catalyst. In Chinese culture, luck and prosperity are highly valued, and the Luckycoin brand fits seamlessly into these themes.
“Chinese culture is about luck, prosperity, wealth and health. Luckycoin is literally the epitome of this (…) If China picks up this narrative, the stars are basically aligning for this currency to do 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 Bybit, or OKX, or Binance, or Coinbase… it’s just been listed on MEXC,” he pointed out. “Because it’s not on the big exchanges, the liquidity is not on the big exchanges (…) and once it becomes accessible… Everyone (…) This could open the floodgates to retail flow and actually purchase this currency.
In addition to his own advocacy, Deutscher highlighted that other influencers have begun discussing Luckycoin. It is worth noting that Ansem, who is known for his influence on Solana-based projects, has recognized Luckycoin as the “OG Doge.”
“The important thing here is the fact that he knows about it and talks about it (…) I think this will continue to gain more attention, not only because it has the story of OG Doge on a course where Doge is doing well but also as Deutscher predicted also because it has Chinese New Year story too.
Deutscher revealed his own investment in Luckycoin, where he raised between $2.20 and $3.20. He stressed transparency, saying: “I did not get paid to make this video. I did not get paid because there is no team. I did not get an OTC discount. I put in my own money; I supported this myself. I shot this narrative myself because I believe in it.”
While Deutscher was optimistic about Luckycoin’s prospects, he also warned of the inherent risks: “These are risky memes. It’s a 50 million meme on the market. It’s probably going to crash. I don’t know what’s going to happen (…) Memecoins are risky, aren’t they?” “There are no sure bets.”
At press time, LKR was trading at $15.64.
Featured image created with DALL.E, a chart from TradingView.com