Is This The ‘Next Dogecoin’? Top Crypto Analyst Thinks So

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As a seasoned researcher with over two decades of experience in the financial markets, I have seen my fair share of market trends and cycles. When it comes to cryptocurrencies, I have always been intrigued by the meme coins that seem to capture the hearts and minds of retail investors. In my opinion, Miles Deutscher’s analysis on Luckycoin (LKY) is a compelling case worth considering.

In a recent study, well-known cryptocurrency analyst Miles Deutscher has put forth his theory about a cryptocurrency he thinks could compete with Dogecoin during this market cycle. With more than 550,000 followers on platform X and 208,000 YouTube subscribers, the opinions of Deutscher are highly regarded within the crypto community due to their significant influence.

In this video titled “I’ve Discovered a Potential DOGE Successor! [Potential Increase by 10X… or More!],” Deutscher examines the unrealized potential of Luckycoin (LKY)—a meme coin that not only existed prior to Dogecoin but also played a significant role in its development. As he points out, referring to Dogecoin’s official website, “Dogecoin was initially a spin-off from a cryptocurrency known as Luckycoin, which was itself a spin-off of Litecoin.” This relationship positions Luckycoin at the core of Dogecoin’s origins.

Is Luckycoin The ‘Next Dogecoin’?

To support his assertion, Deutscher referred to a podcast with Jackson Palmer, the co-creator of Dogecoin. On the podcast, Palmer explained: “The reason we decided to fork Luckycoin, which was itself derived from Litecoin and originally from Bitcoin… Was because Luckycoin had this feature of random block rewards integrated.

Deutscher also noted that there are almost identical lines in Dogecoin’s coding to Luckycoin’s, with the main change being the switch of “Luckycoin” for “Dogecoin.” Launched in May 2013, Luckycoin’s network ceased operation in November 2013. The final original block, numbered 81,743, was mined on November 26, 2013. Factors contributing to its inactivity included the disappearance of its creator and the impracticality of its random block rewards system, which discouraged miners.

On August 25, 2024, the network was reactivated from block 81,744, leading to a resurgence of interest in Luckycoin. This revival has made it one of the oldest cryptocurrencies still actively mined today. In fact, Luckycoin is the longest-running meme coin blockchain as stated by Deutscher. He further pointed out that Dogecoin comes second in terms of age among active meme coins, with Luckycoin being older than Dogecoin.

The resurgence has significantly boosted Luckycoin’s mining activity, even outpacing both Litecoin and Dogecoin at a certain juncture. This surge in mining interest is primarily due to two factors: firstly, when the price of a coin increases, it encourages more miners because they perceive potential profitability. Secondly, exchanges that wish to list a coin with insufficient supply can only do so by mining the coin themselves, as explained by Deutscher.

As a researcher delving into the cryptocurrency sphere, I’ve come across an intriguing piece of information. Anonymous industry insider, Crypto Dog, hinted at major exchanges possibly engaging in Luckycoin mining. In his words, “Without revealing specifics, let me tell you that one top-tier exchange is currently amassing Lucky by performing merge mining using LTC.

German pointed out inconsistencies in the market cap of Luckycoin as shown on sites such as CoinMarketCap and CoinGecko, which suggest it’s about $100 million. He contended that these amounts are deceptive because they don’t take into account coins that were either misplaced or left dormant from the initial mining period.

Through estimating about 8 million Luckycoins presumed to be missing or unreachable, Deutscher determined the actual circulating supply to be roughly 6.2 million Luckycoins. Given the current value of $9 per coin, this equates to an estimated market capitalization of around $56 million for Luckycoin.

By contrasting Luckycoin’s market cap with Dogecoin’s $64 billion, Deutscher emphasized its growth potential: “Luckycoin is 1,141 times smaller than Doge, which represents a substantial difference and, in my opinion, a compelling argument for retail investors. This could be seen as the original Doge.

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

  • 5x Increase: Market cap reaches $282 million, representing 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.

As a seasoned crypto investor, I can’t stress enough the power of narratives in this dynamic world of digital currencies. In my experience, it’s often the stories behind the coins that truly drive their success. For a while now, I haven’t encountered a tale as captivating as the one linked to Luckycoin. Its deep-rooted history and its close ties with Dogecoin make for a narrative that has the potential to strike a chord not only with individual investors but also with the vast crypto community at large.

Moving forward, Deutscher pinpointed the Chinese New Year falling on January 29th as a possible trigger event. In the Chinese tradition, good fortune and wealth are greatly cherished, and Luckycoin’s image perfectly resonates with these values.

The essence of Chinese culture revolves around good fortune, success, riches, and well-being. In many ways, Luckycoin embodies these values. If China adopts this concept, it could be a highly propitious move for this coin to flourish significantly.

At present, Luckycoin isn’t commonly found on prominent trading platforms like Bybit, OKX, Binance, or Coinbase. However, Deutscher perceives this situation as a mix of hurdles and possibilities. He stated, “It’s not listed on the big ones yet… It has only been added to MEXC. Since it’s absent from major exchanges, liquidity is low… When it eventually becomes accessible… This could potentially trigger a rush of retail investors buying this coin.

Deutscher’s own endorsement isn’t the only thing he emphasized; he also pointed out that other significant figures are starting to talk about Luckycoin. Notably, Ansem, who is recognized for his impact on Solana-related projects, has publicly referred to Luckycoin as the “Original Doge.

The crucial point is that he’s aware of the situation and discussing it. I believe this conversation will grow more popular, not just due to the ongoing success of Doge in its original storyline, but also because it ties into the Chinese New Year theme as well. This is according to Deutscher’s forecast.

German openly shared about his personal investment in Luckycoin, which he acquired at prices ranging from $2.20 to $3.20. He underlined the importance of transparency by saying: “I’m not compensated for making this video. There is no team involved. I didn’t receive a preferential over-the-counter purchase. Instead, I personally invested my own funds; I’ve supported this project myself. I adopted this perspective because I genuinely believe in it.

While bullish on Luckycoin’s prospects, Deutscher cautioned about the inherent risks: “This is a risky meme. It’s a 50 million market cap meme. It could potentially crash. I don’t know what’s going to happen […] Memecoins are risky, right? There’s no sure bets.”

At press time, LKR traded at $15.64.

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2024-11-25 11:11