Top Analyst Identifies Luckycoin as Potential Rival to Dogecoin
Crypto analyst Miles Deutscher presented a thesis on Luckycoin (LKY), suggesting it could rival Dogecoin in the current market cycle. Deutscher, who has over 550,000 followers on X and 208,000 YouTube subscribers, discussed the potential of Luckycoin in his video titled “I Just Found The Next DOGE! [10X Potential… Or More?].” He noted that Luckycoin predates Dogecoin and was instrumental in its creation, as Dogecoin is a fork of Luckycoin, which itself is a fork of Litecoin.
Is Luckycoin The ‘Next Dogecoin’?
Deutscher referenced comments from Jackson Palmer, co-creator of Dogecoin, who explained the rationale behind forking Luckycoin due to its unique random block rewards. He highlighted similarities in source code between Dogecoin and Luckycoin, with the latter launched in May 2013 but ceasing operations in November 2013 due to founder disappearance and mining challenges.
The network was revived on August 25, 2024, making it one of the oldest actively mined chains. Deutscher emphasized that Luckycoin is older than Dogecoin and has seen a significant increase in hash rate, surpassing both Litecoin and Dogecoin at times. He attributed this spike to rising prices and exchanges mining Luckycoin for listing purposes.
Industry insider Crypto Dog indicated that major exchanges are accumulating Luckycoin, hinting at tier-one exchanges mining it through LTC merge mining. Deutscher also discussed discrepancies in Luckycoin's reported market capitalization, suggesting that lost or dormant coins inflate these figures. By accounting for approximately 8 million inaccessible coins, he estimated the true active supply at around 6.2 million, resulting in a market cap of approximately $56 million compared to Dogecoin's $64 billion.
Deutscher outlined several growth scenarios for Luckycoin:
- 5x Increase: Market cap reaches $282 million.
- 10x Increase: Achieves $600 million market cap.
- 20x Increase: Reaches $1.1 billion market cap.
He stressed the importance of narratives in crypto, suggesting Luckycoin’s history makes it compelling for retail investors. Deutscher identified the upcoming Chinese New Year on January 29 as a potential catalyst for increased interest in Luckycoin, given cultural associations with luck and prosperity.
Currently, Luckycoin is not widely available on major exchanges, limiting liquidity but presenting an opportunity for future growth. Other influential figures have begun to acknowledge Luckycoin, reinforcing its narrative as the "OG Doge." Deutscher disclosed his investment in Luckycoin, emphasizing he invested his own money without external incentives.
While optimistic about Luckycoin's prospects, Deutscher cautioned about the inherent risks associated with meme coins. As of the latest update, LKY traded at $15.64.
