25 November 2024
In a new analysis, prominent crypto analyst Miles Deutscher unveiled his thesis on a crypto he believes could rival Dogecoin in this market cycle. With a following of over 550,000 on X and 208,000 YouTube subscribers, Deutscher’s insights 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 highlighted, referencing Dogecoin’s official website. This connection places Luckycoin at the very foundation of Dogecoin’s existence.
Is Luckycoin The ‘Next Dogecoin’?
To substantiate his claim, Deutscher cited a podcast featuring Jackson Palmer, co-creator of Dogecoin. Palmer stated: “You know, you were asking me before the show, like, why was there a decision to fork Luckycoin, which was itself a fork of Litecoin, which itself is a fork of Bitcoin… And that’s because Luckycoin had this whole notion of random block rewards built in.”
Deutscher further pointed out that Dogecoin’s source code contains lines nearly identical to Luckycoin’s, with the primary difference being the replacement of “Luckycoin” with “Dogecoin.” Luckycoin, launched in May 2013, saw its network halt 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 unsustainable nature of its random block rewards, which deterred miners.
However, on August 25, 2024, the network was revived starting from block 81,744. This community-led takeover has reignited interest in Luckycoin, making it one of the oldest actively mined chains in existence. “This makes it the longest-running meme coin blockchain ever. What’s the next oldest running meme coin blockchain? Well, it’s Doge, and Luckycoin is actually older than Doge,” Deutscher emphasized.
The revival has led to a dramatic increase in Luckycoin’s hash rate. At one point, it surpassed Litecoin and Dogecoin. “When you see a spike like this in the interest for mining a coin, there’s two reasons for it: One, when price increases, this creates a flywheel of more people mining because they see that there’s profitability there. Two, exchanges who actually want to list a coin that may not have the necessary supply […] The only way for them to acquire enough Lucky to list is actually to mine the coin themselves,” Deutscher explained.
Notably, industry insider Crypto Dog hinted at major exchanges mining Luckycoin: “Not naming names, but I know one tier-one exchange is currently accumulating Lucky through LTC merge mining.”
Deutscher addressed the discrepancies in Luckycoin’s market capitalization reported on platforms like CoinMarketCap and CoinGecko, which list it around $100 million. He argued that these figures are misleading due to lost or dormant coins from the early mining days.
By accounting for approximately 8 million Luckycoins that are likely lost or inaccessible, Deutscher calculated the true active supply to be around 6.2 million Luckycoins. At the current price of $9, this places Luckycoin’s market cap at approximately $56 million.
Comparing this to Dogecoin’s $64 billion market cap, Deutscher highlighted the potential for growth: “Luckycoin is a 1,141x away from Doge, which is a massive discrepancy and, I think, a really powerful shelling point for retail because this is the OG Doge.”
Deutscher presented a series of scenarios illustrating Luckycoin’s potential:
- 5x Increase: Market cap reaches $282 million, representing 0.44% of Dogecoin’s market cap.
- 10x Increase: Achieves 1% of Dogecoin’s market cap at $600 million.
- 20x Increase: Reaches 1.75% of Dogecoin’s market cap at $1.1 billion.
Emphasizing the importance of storytelling in crypto, Deutscher stated: “Crypto is driven by narratives; crypto is driven by stories. I personally haven’t found a story this compelling in crypto in a long time.” He believes that Luckycoin’s rich history and direct connection to Dogecoin provide a compelling narrative that could resonate with both retail investors and the broader crypto community.
Looking ahead, Deutscher identified the upcoming Chinese New Year on January 29th as a potential catalyst. In Chinese culture, luck and prosperity are highly valued, and Luckycoin’s branding aligns seamlessly with these themes.
“Chinese culture is all 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 coin to perform really, really well,” he suggested.
Currently, Luckycoin is not widely available on major exchanges, which Deutscher views as both a challenge and an opportunity. “It’s not on a Bybit, an OKX, a Binance, a Coinbase… It’s only just been listed on MEXC. Because it’s not on big exchanges, liquidity is thin […] Once it becomes accessible […] that could potentially lead to the floodgates opening on retail coming in and actually buying this coin,” he noted.
Beyond his own advocacy, Deutscher highlighted that other influential figures are beginning to discuss Luckycoin. Notably, Ansem, known for his influence on Solana-based projects, has acknowledged Luckycoin as the “OG Doge.”
“The important thing here is the fact that he knows about it and he’s talking about it […] I think this will only continue to gain traction, not only because it’s got the OG Doge narrative in a cycle where Doge is performing so well but also because it has that Chinese New Year narrative as well,” Deutscher predicted.
Deutscher disclosed his own investment in Luckycoin, having accumulated it between $2.20 and $3.20. He emphasized transparency, stating: “I’m not paid to do this video. I’m not paid because there is no team. I wasn’t given a discounted OTC. I put my own money in; I backed this myself. I’ve picked up this narrative myself because I believe in it.”
While bullish on Luckycoin’s prospects, Deutscher cautioned about the inherent risks: “This is a risky meme. It’s a 50 million market cap meme. It could potentially crash. I don’t know what’s going to happen […] Memecoins are risky, right? There’s no sure bets.”
At press time, LKR traded at $15.64.
