In a fresh analysis, prominent crypto analyst Miles Deutscher revealed his Work on cryptocurrencies that he believes can compete with Dogecoin in this market cycle. With over 550,000 followers on X and 208,000 YouTube subscribers, Deutscher’s insights carry a lot of weight in the crypto community.

Titled “I Just Found the Next DOGE! [10X Potential… Or More?]”Deutscher’s film explores the untapped potential of Luckycoin (LKY) — a meme coin that not only predated Dogecoin, but played a key role in its creation. “Dogecoin was originally a fork of a cryptocurrency called Luckycoin, which itself was a fork of Litecoin,” Deutscher emphasized, referring to the official Dogecoin website. This merger puts Luckycoin at the very foundation of Dogecoin’s existence.

Is Luckycoin the “next Dogecoin”?

To support his claim, Deutscher cited a podcast featuring Jackson Palmer, co-creator of Dogecoin. Palmer stated: “You know, you asked me before the show, for example, why the decision was made to fork Luckycoin, which itself was a fork of Litecoin, which itself is a fork of Bitcoin… And that’s because Luckycoin had this whole notion of built-in random rewards block groups.”

Deutscher further pointed out that the Dogecoin source code contains lines almost identical to the Luckycoin code, with the main difference being the replacement of “Luckycoin” with the word “Dogecoin”. Luckycoin, launched in May 2013, went offline in November 2013. The last original block, number 81,743, was mined on November 26, 2013. The reason for its dormancy was the disappearance of its founder and the unsustainable nature of its random block reward, which scared off miners.

However, on August 25, 2024, the network was reactivated starting from block 81.744. This community-led acquisition reignited interest in Luckycoin, making it one of the oldest actively mined networks in existence. “This makes it the longest-running meme coin blockchain in history. What is the next oldest running meme coin blockchain? Well, it’s Doge, and Luckycoin is actually older than Doge,” Deutscher stressed.

The recovery led to a dramatic enhance in Luckycoin’s hash rate. At one point it surpassed Litecoin and Dogecoin. “When you see such an enhance in interest in mining a coin, there are two reasons for it: first, when the price increases, it creates a flywheel where more people mine because they see that it is profitable. Secondly, exchanges that actually want to list a coin that may not have the necessary supply […] The only way to get enough Lucky to list on an exchange is to mine the coin yourself,” Deutscher explained.

It’s worth noting that industry insider Crypto Dog hinted at the major exchanges mining Luckycoin: “I’m not naming names, but I know that one tier-1 exchange is currently pooling Lucky by pooling LTC mining.”

Deutscher was referring to discrepancies in Luckycoin’s market capitalization reported on platforms such as CoinMarketCap and CoinGecko, which value the currency at around $100 million. He argued that these numbers are misleading due to lost or dormant coins from the early days of mining.

Taking into account approximately 8 million Luckycoins that are likely missing or unavailable, Deutscher calculated that the actual vigorous supply is approximately 6.2 million Luckycoins. At the current price of $9, this means that Luckycoin’s market capitalization is approximately $56 million.

Comparing this to Dogecoin’s $64 billion market capitalization, Deutscher highlighted the growth potential: “Luckycoin is 1,141 times worse than Doge, which is a huge disparity and, in my opinion, a really powerful firing point for retail because it’s the OG Doge. “

Deutscher presented a series of scenarios illustrating Luckycoin’s potential:

• 5x enhance: market capitalization reaches $282 million, representing 0.44% of Dogecoin’s market capitalization.
• 10x Growth: Reaches 1% of Dogecoin’s $600 million market capitalization.
• 20x Growth: Reaches 1.75% of Dogecoin’s $1.1 billion market capitalization.

Highlighting the importance of storytelling in crypto, Deutscher stated: “Crypto is narrative-driven; Cryptocurrencies are ruled by stories. Personally, I haven’t found such a fascinating story in cryptography for a long time.” He believes that Luckycoin’s opulent history and direct connection to Dogecoin provide a compelling narrative that can appeal to both retail investors and the broader crypto community.

Looking ahead, Deutscher saw the upcoming Chinese Fresh Year on January 29 as a potential catalyst. Happiness and prosperity are highly valued in Chinese culture, and the Luckycoin brand seamlessly blends with these themes.

“In Chinese culture, the most important things are happiness, prosperity, wealth and health. Luckycoin is the epitome of this […] If China keeps up this narrative, the stars are basically setting themselves up for this coin to perform really well,” he suggested.

Currently, Luckycoin is not widely available on major exchanges, which Deutscher sees as both a challenge and an opportunity. “It is not on Bybit, OKX, Binance, Coinbase… It was only recently listed on MEXC. Since it is not listed on large exchanges, there is little liquidity […] When it becomes available […] this could potentially lead to opening the floodgates for people entering the retail trade and actually purchasing the coin,” he noted.

In addition to his own support, Deutscher emphasized that other influential figures are starting to discuss Luckycoin. Notably, Ansem, known for his influence on Solana-based projects, has deemed Luckycoin the “OG Doge.”

“The significant thing is that he knows it and talks about it […] “I think this will continue to grow in popularity, not only because it includes the OG Doge narrative in the cycle that Doge has been doing so well in, but also because it also includes the Chinese New Year narrative,” Deutscher predicted.

Deutscher disclosed his own investment in Luckycoin, accumulating it in the range of $2.20 to $3.20. He emphasized transparency, stating, “I’m not being paid to make this movie. They don’t pay me because there is no team. I was not given an OTC medicine at a discount. I put in my own money; I supported it myself. I have embraced this narrative myself because I believe in it.”

Deutscher, bullish about Luckycoin’s prospects, warned of the inherent risks: “It’s a risky meme. This is a meme with a market capitalization of 50 million. It could potentially cause a failure. I don’t know what will happen […] Memecoins are risky, right? There are no sure bets.”

At the time of publication, LKR was trading at $15.64.

Featured image created with DALL.E, chart from TradingView.com