In a brand new evaluation, outstanding crypto analyst Miles Deutscher unveiled his thesis on a crypto he believes might rival Dogecoin on this market cycle. With a following of over 550,000 on X and 208,000 YouTube subscribers, Deutscher’s insights carry vital weight within the crypto group.
Titled “I Simply Discovered The Subsequent DOGE! [10X Potential… Or More?],” Deutscher’s video explores the untapped potential of Luckycoin (LKY)—a meme coin that not solely predates Dogecoin however was instrumental in its creation. “Dogecoin was initially a fork of a cryptocurrency referred to as Luckycoin, itself a fork of Litecoin,” Deutscher highlighted, referencing Dogecoin’s official web site. This connection locations Luckycoin on the very basis of Dogecoin’s existence.
Is Luckycoin The ‘Subsequent Dogecoin’?
To substantiate his declare, Deutscher cited a podcast that includes Jackson Palmer, co-creator of Dogecoin. Palmer said: “, you have been asking me earlier than the present, like, why was there a call to fork Luckycoin, which was itself a fork of Litecoin, which itself is a fork of Bitcoin… And that’s as a result of Luckycoin had this entire notion of random block rewards in-built.”
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Deutscher additional identified that Dogecoin’s supply code incorporates strains almost an identical to Luckycoin’s, with the first distinction being the alternative of “Luckycoin” with “Dogecoin.” Luckycoin, launched in Could 2013, noticed its community halt in November 2013. The final unique block, numbered 81,743, was mined on November 26, 2013. The explanations for its dormancy included the disappearance of its founder and the unsustainable nature of its random block rewards, which deterred miners.
Nevertheless, on August 25, 2024, the community was revived ranging from block 81,744. This community-led takeover has reignited curiosity in Luckycoin, making it one of many oldest actively mined chains in existence. “This makes it the longest-running meme coin blockchain ever. What’s the following oldest working meme coin blockchain? Properly, it’s Doge, and Luckycoin is definitely older than Doge,” Deutscher emphasised.
The revival has led to a dramatic improve in Luckycoin’s hash price. At one level, it surpassed Litecoin and Dogecoin. “Whenever you see a spike like this within the curiosity for mining a coin, there’s two causes for it: One, when value will increase, this creates a flywheel of extra folks mining as a result of they see that there’s profitability there. Two, exchanges who really wish to listing a coin that will not have the mandatory provide […] The one method for them to accumulate sufficient Fortunate to listing is definitely to mine the coin themselves,” Deutscher defined.
Notably, business insider Crypto Canine hinted at main exchanges mining Luckycoin: “Not naming names, however I do know one tier-one change is presently accumulating Fortunate by way of LTC merge mining.”
Deutscher addressed the discrepancies in Luckycoin’s market capitalization reported on platforms like CoinMarketCap and CoinGecko, which listing it round $100 million. He argued that these figures are deceptive as a result of misplaced or dormant cash from the early mining days.
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By accounting for about 8 million Luckycoins which might be possible misplaced or inaccessible, Deutscher calculated the true energetic provide to be round 6.2 million Luckycoins. On the present value of $9, this locations Luckycoin’s market cap at roughly $56 million.
Evaluating this to Dogecoin’s $64 billion market cap, Deutscher highlighted the potential for development: “Luckycoin is a 1,141x away from Doge, which is a large discrepancy and, I feel, a extremely highly effective shelling level for retail as a result of that is the OG Doge.”
Deutscher offered a sequence of eventualities illustrating Luckycoin’s potential:
- 5x Enhance: Market cap reaches $282 million, representing 0.44% of Dogecoin’s market cap.
- 10x Enhance: Achieves 1% of Dogecoin’s market cap at $600 million.
- 20x Enhance: Reaches 1.75% of Dogecoin’s market cap at $1.1 billion.
Emphasizing the significance of storytelling in crypto, Deutscher said: “Crypto is pushed by narratives; crypto is pushed by tales. I personally haven’t discovered a narrative this compelling in crypto in a very long time.” He believes that Luckycoin’s wealthy historical past and direct connection to Dogecoin present a compelling narrative that might resonate with each retail traders and the broader crypto group.
Trying forward, Deutscher recognized the upcoming Chinese language New Yr on January twenty ninth as a possible catalyst. In Chinese language tradition, luck and prosperity are extremely valued, and Luckycoin’s branding aligns seamlessly with these themes.
“Chinese language tradition is all about luck, prosperity, wealth, and well being. Luckycoin is actually the epitome of this […] If China picks up this narrative, the celebrities are mainly aligning for this coin to carry out actually, very well,” he advised.
At the moment, Luckycoin isn’t broadly obtainable on main exchanges, which Deutscher views as each a problem and a possibility. “It’s not on a Bybit, an OKX, a Binance, a Coinbase… It’s solely simply been listed on MEXC. As a result of it’s not on massive exchanges, liquidity is skinny […] As soon as it turns into accessible […] that might doubtlessly result in the floodgates opening on retail coming in and truly shopping for this coin,” he famous.
Past his personal advocacy, Deutscher highlighted that different influential figures are starting to debate Luckycoin. Notably, Ansem, identified for his affect on Solana-based initiatives, has acknowledged Luckycoin because the “OG Doge.”
“The necessary factor right here is the truth that he is aware of about it and he’s speaking about it […] I feel it will solely proceed to achieve traction, not solely as a result of it’s acquired the OG Doge narrative in a cycle the place Doge is performing so effectively but additionally as a result of it has that Chinese language New Yr narrative as effectively,” Deutscher predicted.
Deutscher disclosed his personal funding in Luckycoin, having accrued it between $2.20 and $3.20. He emphasised transparency, stating: “I’m not paid to do that video. I’m not paid as a result of there isn’t any crew. I wasn’t given a reduced OTC. I put my very own cash in; I backed this myself. I’ve picked up this narrative myself as a result of I imagine in it.”
Whereas bullish on Luckycoin’s prospects, Deutscher cautioned concerning the inherent dangers: “This can be a dangerous meme. It’s a 50 million market cap meme. It might doubtlessly crash. I don’t know what’s going to occur […] Memecoins are dangerous, proper? There’s no certain bets.”
At press time, LKR traded at $15.64.
Featured picture created with DALL.E, chart from TradingView.com