If one finds a new altcoin (can be a meme coin), do some research it still has low market cap, but there is huge community behind it pushing to pump it’s price. Is it halal to invest in it and take profits later if any.
$BONK as an example.
I’ll let the experts weigh in here, but until they do here’s my opinion.
It’s almost like a middle ground between gambling and investing. If you do your research and it looks like they’re actually going to build a product, then it would mean more towards investing. But like most memecoins, it’s a gamble and the project could fail or was never even planned to grow in the first place by the operators.
If you do your research and believe the project actually has a project in the works, then it could lean towards investing, then later if it looks like the project would fail pulling out would be saving your investment.
but if you’re just in it for the gains and not really doing research, what makes it different from gambling?
Thank your response! Fair point!
But let’s say the coin by nature has no utility or roadmap (at least for now), therefore investing in it blindly potentially introduces excessive uncertainty (Gharar).
However, if I do my research, figure out that the token has:
– A low market cap means more potential for growth.
– Deflationary Supply.
– Robust Community.
– It’s getting popular and more buyers coming in every day.
– The token has a great score on popular crypto websites.
– Its liquidity is locked for thousands of days.
– And not to forget we’re in a bull market.
Would that be still gambling?
.,….
Hey,
Thank you so much for taking the time to answer my question here!
Fair enough, but I need to double check something, what’s your opinion on meme coins with a roadmap like an exchange bridge app, partnerships and other stuff.