{"id":23217,"date":"2024-11-25T08:05:36","date_gmt":"2024-11-25T08:05:36","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=23217"},"modified":"2024-11-25T08:05:36","modified_gmt":"2024-11-25T08:05:36","slug":"is-this-the-next-dogecoin-top-crypto-analyst-thinks-so","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=23217","title":{"rendered":"Is This The \u2018Next Dogecoin\u2019? Top Crypto Analyst Thinks So"},"content":{"rendered":"

In a new analysis, prominent crypto analyst Miles Deutscher unveiled his thesis<\/a> 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\u2019s insights carry significant weight in the crypto community.<\/p>\n

Titled \u201cI Just Found The Next DOGE! [10X Potential\u2026 Or More?],\u201d Deutscher\u2019s video explores the untapped potential of Luckycoin (LKY)\u2014a meme coin that not only predates Dogecoin but was instrumental in its creation. \u201cDogecoin was originally a fork of a cryptocurrency called Luckycoin, itself a fork of Litecoin<\/a>,\u201d Deutscher highlighted, referencing Dogecoin\u2019s official website. This connection places Luckycoin at the very foundation of Dogecoin\u2019s existence.<\/p>\n

Is Luckycoin The \u2018Next Dogecoin\u2019?<\/h2>\n

To substantiate his claim, Deutscher cited a podcast featuring Jackson Palmer, co-creator of Dogecoin. Palmer stated: \u201cYou 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\u2026 And that\u2019s because Luckycoin had this whole notion of random block rewards built in.\u201d<\/p>\n

Deutscher further pointed out that Dogecoin\u2019s source code contains lines nearly identical to Luckycoin\u2019s, with the primary difference being the replacement of \u201cLuckycoin\u201d with \u201cDogecoin.\u201d\u00a0Luckycoin, 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.<\/p>\n

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. \u201cThis makes it the longest-running meme coin blockchain ever. What\u2019s the next oldest running meme coin blockchain? Well, it\u2019s Doge, and Luckycoin is actually older than Doge,\u201d Deutscher emphasized.<\/p>\n

The revival has led to a dramatic increase in Luckycoin\u2019s hash rate. At one point, it surpassed Litecoin and Dogecoin. \u201cWhen you see a spike like this in the interest for mining a coin, there\u2019s two reasons for it: One, when price increases, this creates a flywheel of more people mining because they see that there\u2019s profitability there. Two, exchanges who actually want to list a coin that may not have the necessary supply [\u2026] The only way for them to acquire enough Lucky to list is actually to mine the coin themselves,\u201d Deutscher explained.<\/p>\n

Notably, industry insider Crypto Dog hinted at major exchanges mining Luckycoin: \u201cNot naming names, but I know one tier-one exchange is currently accumulating Lucky through LTC merge mining.\u201d<\/p>\n

Deutscher addressed the discrepancies in Luckycoin\u2019s 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.<\/p>\n

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\u2019s market cap at approximately $56 million.<\/p>\n

Comparing this to Dogecoin\u2019s $64 billion market cap, Deutscher highlighted the potential for growth: \u201cLuckycoin 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.\u201d<\/p>\n

Deutscher presented a series of scenarios illustrating Luckycoin\u2019s potential:<\/p>\n

5x Increase: Market cap reaches $282 million, representing 0.44% of Dogecoin\u2019s market cap.
\n10x Increase: Achieves 1% of Dogecoin\u2019s market cap at $600 million.
\n20x Increase: Reaches 1.75% of Dogecoin\u2019s market cap at $1.1 billion.<\/p>\n

Emphasizing the importance of storytelling in crypto, Deutscher stated: \u201cCrypto is driven by narratives<\/a>; crypto is driven by stories. I personally haven\u2019t found a story this compelling in crypto in a long time.\u201d He believes that Luckycoin\u2019s rich history and direct connection to Dogecoin provide a compelling narrative that could resonate with both retail investors and the broader crypto community.<\/p>\n

Looking ahead, Deutscher identified the upcoming Chinese New Year<\/a> on January 29th as a potential catalyst. In Chinese culture, luck and prosperity are highly valued, and Luckycoin\u2019s branding aligns seamlessly with these themes.<\/p>\n

\u201cChinese culture is all about luck, prosperity, wealth, and health. Luckycoin is literally the epitome of this [\u2026] If China picks up this narrative, the stars are basically aligning for this coin to perform really, really well,\u201d he suggested.<\/p>\n

Currently, Luckycoin is not widely available on major exchanges, which Deutscher views as both a challenge and an opportunity. \u201cIt\u2019s not on a Bybit, an OKX, a Binance, a Coinbase\u2026 It\u2019s only just been listed on MEXC. Because it\u2019s not on big exchanges, liquidity is thin [\u2026] Once it becomes accessible [\u2026] that could potentially lead to the floodgates opening on retail coming in and actually buying this coin,\u201d he noted.<\/p>\n

Beyond his own advocacy, Deutscher highlighted that other influential figures are beginning to discuss Luckycoin. Notably, Ansem<\/a>, known for his influence on Solana-based projects, has acknowledged Luckycoin as the \u201cOG Doge.\u201d<\/p>\n

\u201cThe important thing here is the fact that he knows about it and he\u2019s talking about it [\u2026] I think this will only continue to gain traction, not only because it\u2019s 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,\u201d Deutscher predicted.<\/p>\n

Deutscher disclosed his own investment in Luckycoin, having accumulated it between $2.20 and $3.20. He emphasized transparency, stating: \u201cI\u2019m not paid to do this video. I\u2019m not paid because there is no team. I wasn\u2019t given a discounted OTC. I put my own money in; I backed this myself. I\u2019ve picked up this narrative myself because I believe in it.\u201d<\/p>\n

While bullish on Luckycoin\u2019s prospects, Deutscher cautioned about the inherent risks: \u201cThis is a risky meme. It\u2019s a 50 million market cap meme. It could potentially crash. I don\u2019t know what\u2019s going to happen [\u2026] Memecoins are risky, right? There\u2019s no sure bets.\u201d<\/p>\n

At press time, LKR traded at $15.64.<\/p>","protected":false},"excerpt":{"rendered":"

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\u2019s insights carry significant weight in the crypto community. Titled \u201cI Just Found The Next DOGE! [10X Potential\u2026 Or […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-23217","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/23217"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=23217"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/23217\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23217"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23217"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23217"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}