Is This The ‘Next Dogecoin’? Top Crypto Analyst Thinks So
In a new analysis, prominent cryptocurrency analyst Miles Deutscher revealed his paper He believes that the cryptocurrency can rival Dogecoin in this market cycle. With more than 550,000 followers on X and 208,000 subscribers on YouTube, Deutscher’s insights are influential in the cryptocurrency 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 dogs Dogecoin, and played an important role in its creation. “Dogecoin started out as a fork of a cryptocurrency called Luckycoin, which itself was Litecoin”, Deutscher emphasized, citing Dogecoin’s official website. This connection places Lucky Coin at the basis of Dogecoin’s existence.
Is Lucky Coin the “next Dogecoin”?
To substantiate his claims, Deutscher cited Dogecoin co-founder Jackson Palmer’s podcast. Palmer said: “You know, you asked me before the show, like, why I decided to fork Luckycoin, which itself is a fork of Litecoin, which itself is a fork of Bitcoin… .That’s because Luckycoin has a whole concept of random block rewards built into it.”
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Deutscher further noted that Dogecoin’s source code contains almost the same lines as Lucky Coin, with the main difference being that “Lucky Coin” is replaced with “Dogecoin.” Luckycoin was launched in May 2013 and shut down the network in November 2013. The last original block was mined on November 26, 2013 and was numbered 81,743. Reasons for its dormancy include the disappearance of its founder and the unsustainable nature of its randomized blocks. rewards, which discourages miners.
However, on August 25, 2024, the network recovered starting from block 81,744. This community-led acquisition reignited interest in Luckycoin, making it one of the oldest actively mining chains in existence. “That makes it the longest-running memecoin blockchain ever. What’s the next oldest running memecoin blockchain? Well, it’s Doge, and Luckycoin is actually older than Doge,” Deutscher emphasized.
This resurgence resulted in a sharp increase in Luckycoin’s hash rate. It briefly surpassed Litecoin and Dogecoin. “When you see a spike like this in interest in mining a coin, there are two reasons: one, when the price goes up, it creates a flywheel of more people mining because they see there is profitability there. Second, Exchanges actually want to list a coin that may not have the necessary supply (…) and the only way they can get enough Lucky to list is to actually mine the coin themselves,” Deutscher explained.
It is worth noting that industry insider Crypto Dog hinted that major exchanges are mining Luckycoin: “Without naming names, I know that there is a first-level exchange that is currently accumulating Lucky through LTC merged mining.”
Deutscher addressed the discrepancy in Luckycoin’s market capitalization reported on platforms such as CoinMarketCap and CoinGecko, which is approximately $100 million. He believes the numbers are misleading due to coins that were lost or dormant during early mining.
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By taking into account the approximately 8 million Luckycoins that may be lost or inaccessible, Deutscher calculated that the true active supply is approximately 6.2 million Luckycoins. At the current price of $9, Luckycoin has a market capitalization of approximately $56 million.
Comparing this to Dogecoin’s $64 billion market capitalization, Deutscher highlighted the growth potential: “Luckycoin is 1,141 times different from Doge, which is a huge difference and, I think, a very powerful shot at the retail industry. Point, because this is the OG Doge.”
Deutscher proposed a series of scenarios to illustrate Lucky Coin’s potential:
- Increased 5 times: market value reached US$282 million, accounting for 0.44% of Dogecoin’s market value.
- 10x growth: reaching 1% of Dogecoin’s market cap, reaching $600 million.
- 20x growth: reaching 1.75% of Dogecoin’s market cap, reaching $1.1 billion.
Highlighting the importance of storytelling in cryptocurrency, Deutscher said: “Cryptocurrency is driven by narrative;Cryptocurrency is driven by stories. I personally haven’t found such a compelling story in the crypto space in a long time. He believes Luckycoin’s rich history and direct connection to Dogecoin provide a compelling narrative that can resonate with retail investors and the broader crypto community.
Looking ahead, Deutscher identified upcoming Spring Festival January 29 as a potential catalyst. Luck and prosperity are highly valued in Chinese culture, and Luckycoin’s branding aligns seamlessly with these themes.
“Chinese culture is full of luck, prosperity, wealth and health. Lucky coins are actually the epitome of that (…) If China adopts this narrative, then basically the stars will make the coin behave very Very good,” he suggested.
Currently, Luckycoin is not widely used on major exchanges, which Deutscher sees as both a challenge and an opportunity. “It’s not on Bybit, OKX, Binance, Coinbase… It just got listed on MEXC. Because it’s not on a big exchange, liquidity is thin (…) Once it becomes easier (…) it could lead to a rush of retail investors to come in and actually buy the token,” he noted.
In addition to his own advocacy, Deutscher stressed that other influential figures also began discussing Lucky Coin. especially, AnselmKnown for his influence on Solana-based projects, he recognized Luckycoin as the “OG Doge.”
“What’s important here is he knows about it and he’s talking about it (…) I think this is only going to continue to gain traction, not just because it’s getting the OG Doge narrative in a cycle where Doge has been doing so well, But also because it also has a Chinese New Year narrative,” Deutscher predicted.
Deutscher disclosed his own investment in Luckycoin, with the cumulative investment amount ranging from $2.20 to $3.20. He stressed transparency, saying: “I’m not getting paid to do this video. I’m not getting paid because there’s no team. I’m not getting discounted OTC. I’m putting my own money into it; I support that myself. I choose it myself.” I read this story because I believe it.”
While bullish on Luckycoin’s prospects, Deutscher warned of the inherent risks: “This is a risky meme. This is a 50 million dollar meme. It could collapse. I don’t know what will happen (… …) Memecoin is risky, right? ”
At press time, LKR was trading at $15.64.
Featured image created using DALL.E, chart from TradingView.com
