In a recent evaluation, renowned crypto expert Miles Deutscher presented his thesis on a cryptocurrency he believes has the potential to compete with Dogecoin during this market cycle. With a following exceeding 550,000 on X and 208,000 subscribers on YouTube, Deutscher’s perspectives hold considerable influence in the crypto sector.
Titled “I Just Found The Next DOGE! [10X Potential… Or More?],” Deutscher’s video delves into the unrealized possibilities of Luckycoin (LKY)—a meme coin that predates Dogecoin and played a crucial role in its development. “Dogecoin was initially a fork of a cryptocurrency named Luckycoin, which is itself a fork of Litecoin,” Deutscher noted, citing Dogecoin’s official website. This connection underscores Luckycoin’s foundational role in the advent of Dogecoin.
Is Luckycoin The ‘Next Dogecoin’?
To support his assertion, Deutscher referred to a podcast featuring Jackson Palmer, the co-creator of Dogecoin. Palmer remarked: “You were questioning me prior to the show about why there was a decision to fork Luckycoin, which was itself a fork of Litecoin, which is a fork of Bitcoin… And that’s because Luckycoin had this entire concept of random block rewards built into it.”
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Deutscher additionally highlighted that Dogecoin’s source code includes lines almost identical to those of Luckycoin, the main distinction being the substitution of “Luckycoin” for “Dogecoin.” Launched in May 2013, Luckycoin’s network ceased operations in November 2013. The final original block, numbered 81,743, was mined on November 26, 2013. Factors contributing to its inactivity included the vanishing of its founder and the unsustainable nature of its random block rewards, which dissuaded miners.
However, on August 25, 2024, the network was revived beginning from block 81,744. This community-driven resurgence has renewed interest in Luckycoin, positioning it as one of the earliest actively mined chains. “This designates it as the longest-running meme coin blockchain ever. What’s the next oldest running meme coin blockchain? It’s Doge, and Luckycoin is indeed older than Doge,” Deutscher emphasized.
The resurgence has prompted a significant rise in Luckycoin’s hash rate. At one juncture, it surpassed Litecoin and Dogecoin in this regard. “When you observe a surge in interest for mining a coin, there are two primary reasons: First, when prices rise, it creates a flywheel effect enticing more miners, as they perceive profitability. Second, exchanges aiming to list a coin that may lack the necessary supply […] The sole method for them to acquire enough Lucky for listing is to mine the coin themselves,” Deutscher elaborated.
Significantly, industry insider Crypto Dog hinted that major exchanges are mining Luckycoin: “Not disclosing names, but I’m aware that one tier-one exchange is actively accumulating Lucky through LTC merge mining.”
Deutscher took note of the inconsistencies in Luckycoin’s market capitalization as reported on platforms such as CoinMarketCap and CoinGecko, which present it around $100 million. He contended that these statistics are misleading due to lost or inactive coins from the initial mining periods.
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By factoring in roughly 8 million Luckycoins likely inaccessible or lost, Deutscher estimated the actual active supply to be about 6.2 million Luckycoins. At the current price of $9, this positions Luckycoin’s market cap at approximately $56 million.
In contrast to Dogecoin’s $64 billion market cap, Deutscher underscored the growth potential: “Luckycoin is 1,141x short of Doge, which is a substantial disparity and, I believe, a significant shelling point for retail since this is the OG Doge.”
Deutscher illustrated several scenarios demonstrating Luckycoin’s potential:
- 5x Increase: Market cap reaches $282 million, accounting for 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.
Stressing the significance of storytelling in crypto, Deutscher remarked: “Crypto is driven by narratives; crypto thrives on stories. I personally haven’t encountered a narrative as compelling in crypto for quite some time.” He believes Luckycoin’s rich legacy and direct link to Dogecoin create a captivating story that could resonate with both retail investors and the larger crypto community.
Looking forward, Deutscher identified the approaching Chinese New Year on January 29th as a potential trigger. In Chinese culture, luck and wealth are highly esteemed, and Luckycoin’s branding aligns perfectly with these themes.
“Chinese culture encapsulates luck, prosperity, wealth, and health. Luckycoin epitomizes this […] If China embraces this narrative, the stars are essentially aligning for this coin to perform extremely well,” he proposed.
Currently, Luckycoin is not extensively available on prominent exchanges, which Deutscher perceives as both a hurdle and an opportunity. “It’s not present on Bybit, OKX, Binance, or Coinbase… It has only recently been listed on MEXC. Due to its absence from major exchanges, liquidity is limited […] Once it becomes available […] that could potentially lead to significant retail interest in acquiring this coin,” he noted.
Beyond his advocacy, Deutscher pointed out that other noteworthy figures are starting to talk about Luckycoin. Particularly, Ansem, known for his influence on Solana-based projects, has recognized Luckycoin as the “OG Doge.”
“The key factor here is that he is aware of it and is discussing it […] I believe this will continue gaining momentum, not just due to the OG Doge narrative during a cycle where Doge is performing exceptionally well but also because of the Chinese New Year theme,” Deutscher projected.
Deutscher shared his personal investment in Luckycoin, acquired between $2.20 and $3.20. He emphasized his transparency: “I’m not compensated for this video. I’m not funded because there is no team behind it. I wasn’t provided a discounted OTC. I invested my own money; I personally support this. I’ve embraced this narrative myself because I believe in it.”
While optimistic regarding Luckycoin’s future, Deutscher cautioned about the inherent risks: “This is a risky meme. It’s a meme with a $50 million market cap. It could potentially plummet. I’m unsure of what may transpire […] Memecoins are speculative, right? There are no guaranteed victories.”
At the time of this report, LKR was trading at $15.64.
Featured image created with DALL.E, chart from TradingView.com