In a new analysis, well-known cryptocurrency analyst Miles Deutscher has unveiled his view on a cryptocurrency that could rival Dogecoin in this market cycle. With over 550,000 followers on X and 208,000 subscribers on YouTube, Deutscher’s opinions are influential in the cryptocurrency community.
Deutscher’s video, titled “I Just Found the Next Dogecoin! [10x Potential… Or More?],” explores the untapped potential of Luckycoin (LKY) — a memecoin that not only predates Dogecoin, but also played a major role in its creation. “Dogecoin was originally a fork of a cryptocurrency called Luckycoin, which itself was a fork of Litecoin,” Deutscher stressed, citing Dogecoin’s official website. This connection makes Luckycoin the basis for Dogecoin’s existence.
Is Luckycoin the ‘next Dogecoin’?
To back up his claim, Deutscher referenced a podcast with Dogecoin co-founder Jackson Palmer. Palmer said: “You know, you asked me before the show why the decision was made to fork Luckycoin, which itself is a fork of Litecoin, which itself is a fork of Bitcoin… It’s because Luckycoin has this concept of random block rewards built into it.”
Deutscher further pointed out that the source code of Dogecoin is almost identical to that of Lucky Coin, with the main difference being the replacement of "Lucky Coin" with "Dogecoin". Lucky Coin was launched in May 2013 and its network ceased operation in November 2013. The last original block numbered 81,743 was mined on November 26, 2013. The reasons for its closure included the disappearance of its founder and the unsustainability of its random block rewards, which discouraged miners from participating.
However, on August 25, 2024, the network recovered starting at block 81,744. This community-led takeover reignited interest in Luckycoin, making it one of the oldest actively mined chains in existence. "That makes it the longest-running meme coin blockchain of all time. What's the next oldest meme coin blockchain? Well, it's Doge, and Luckycoin is actually older than Doge," Deutscher stressed.
The resurgence led to a massive surge in Luckycoin’s hash rate. At one point, it surpassed Litecoin and Dogecoin. “When you see a surge in interest in mining, it’s for two reasons: One, when the price goes up, it creates a flywheel where more people will mine because they see profitability there. Two, exchanges actually want to list a coin that may not have enough supply […] The only way they can get enough Lucky to list is actually to mine the coin themselves,” Deutscher explained.
Notably, industry insider Crypto Dog hinted that major exchanges are mining Luckycoin: “I won’t name names, but I know of a Tier 1 exchange that is currently accumulating Lucky via LTC merged mining.”
Deutscher spoke about the discrepancy in Luckycoin’s market cap on platforms like CoinMarketCap and CoinGecko, which list Luckycoin’s market cap at around $100 million, arguing that these numbers are misleading due to lost or idle tokens from early mining.
By accounting for the approximately 8 million Luckycoins that may be lost or inaccessible, Deutscher calculated that the true active supply is about 6.2 million Luckycoins. At the current price of $9, Luckycoin has a market cap of about $56 million.
Deutscher compared Luckycoin to Dogecoin’s $64 billion market cap, highlighting its growth potential: “Luckycoin’s market cap is 1,141 times that of Doge, which is a huge difference, and I think a very powerful attack point for retail investors because this is the original Doge.”
Deutscher proposed a series of scenarios to illustrate Luckycoin’s potential:
5x growth: market cap reaches $282 million, accounting for 0.44% of Dogecoin’s market cap.
10x growth: 1% of Dogecoin’s market cap, or $600 million.
20x growth: 1.75% of Dogecoin’s market cap, or $1.1 billion.
Deutscher stressed the importance of storytelling in cryptocurrency, saying, “Crypto is driven by narrative; crypto is driven by story. I personally haven’t found such a compelling story in crypto in a long time.” He believes that Luckycoin’s long history and direct connection to Dogecoin provides a compelling story that can resonate with retail investors and the broader cryptocurrency community.
Looking ahead, Deutscher sees the upcoming Chinese New Year on January 29 as a potential catalyst. In Chinese culture, good luck and prosperity are highly revered, and Luckycoin’s branding fits perfectly with those themes.
"Chinese culture is about good luck, prosperity, wealth and health. The lucky coin is the epitome of that culture... If China can buy into that, then the lucky coin will do very, very well," he suggested.
Currently, Luckycoin is not yet available on major exchanges, which Deutscher sees as both a challenge and an opportunity. “It’s not on Bybit, it’s not on OKX, it’s not on Binance, it’s not on Coinbase… It just got listed on MEXC. Because it’s not on a major exchange, the liquidity is very poor [...] Once it becomes available [...] this could lead to retail investors coming in and actually buying this token,” he noted.
In addition to his own advocacy, Deutscher also highlighted that other influential figures have also begun discussing Luckycoin. Notably, Ansem, who is known for his influence on Solana-based projects, acknowledged Luckycoin as the “OG Doge.”
“What’s important here is that he knows about it and he’s talking about it [...] I think this is only going to continue to gain traction, not only because it has the OG Doge narrative in a cycle where Doge is doing well, but because it also has the Chinese New Year narrative,” Deutscher predicted.
Deutscher disclosed his investment in Luckycoin, which ranged from $2.20 to $3.20. He stressed transparency, saying, "I was not paid for making this video. I was not paid because there was no team. I was not getting a discounted OTC deal. I invested my own money; I backed this myself. I took this on myself because I believed in it."
Despite his bullishness on Luckycoin’s prospects, Deutscher warned of its inherent risks: “This is a risky meme. This is a $50 million meme. It could collapse. I don’t know what’s going to happen… Memecoins are risky, right? There’s no such thing as a foolproof bet.”
At press time, LKR is trading at $15.64.
