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Is Dogecoin Halal: Is DOGE Halal?

is dogecoin halal

In this article we do a complete shariah screening of Dogecoin: DOGE cryptocurrency. From investing, trading to staking, we’ve got your halal crypto investments covered. In short, Dogecoin is halal. Shock horror! I know, but read on to learn more.

 

What is Dogecoin?

Dogecoin was designed by adopting the Shiba Inu internet meme and went on to become a very successful cryptocurrency.

 

Dogecoin is a internet-famous commodity currency depicting a Shiba Inu dog as a mascot. The initial sale use was proposed by Jackson Palmer on November 27, 2013, when he tweeted about being “invested” in Dogecoin, a term Palmer made up. One of Palmer’s friends encouraged him to launch a genuine Dogecoin project, so Palmer registered dogecoin.com and began work.

 

Elon Musk is probably the biggest supporter of this coin even promoting it on twitter after his acquisition. 

If you havent heard of Dogecoin, you must have been hiding under very large rock. Further details available everywhere, as soon as you remove the large rock :). Only kidding, please check out Dogecoin website

 

Is Dogecoin Halal: Is DOGE Halal? We’d Love to Hear Your Thoughts

Sharing the collective wisdom of thousands of Muslim crypto traders and investors.

Dogecoin Technology

Dogecoin is based on a small fork of Litecoin, which itself is an iteration of the Bitcoin project. New blocks are added every 60 seconds on average.

 

Dogecoin uses the scrypt hash algorithm to validate transactions on its network. scrypt hash algorithm was specifically designed to enact harmful attacks against large-scale, custom hardware. Of its launch, Dogecoin was accessible through personal computers, making coin mining trendy at a time when website mining was industrialized and expensive.

 

Legitimacy Screening of Dogecoin

Yes, Dogecoin is a legitimate project, built using blockchain technology. Although the project has no whitepaper and started as a joke (arguably still a joke), the project has gone on to be worth over $10B so has to be taken seriously. This gives us the confidence to confirm that DOGE has an underlying fundamental value, that can be considered as “Mal” under Islamic rulings. Therefore, as a project it has legitimacy in terms of Shariah.

Is Dogecoin project aligned with Islamic values?

Yes, Dogecoin: DOGE project does align with Islamic values as the project is comparable to Bitcoin, in terms of store of value, which is not against Islamic ruling.

 

Financial Screening of DOGE:

Financial screening ensures that the crypto asset meets the financial criteria for Shariah compliance, if it is an equity based token. Dogecoin is not backed by any equity, so there is no financial screening required on this coin/ token. Here we would typically look at things like debt to income ratio to ensure borrowing is limited to a tolerable level.

 

DOGE Token Screening for Shariah Compliance

Token assessment is again fairly simple as its another fork, of a fork of Bitcoin. Based on this the token is permissable so Dogecoin: DOGE token is considered halal

Is Staking DOGE Halal?       

Yes, staking Dogecoin: DOGE is Halal. The staking method used by this project is permissable and in line with Islamic law.

 

What Does The Muslim Crypto Community Think of DOGE?           

Crypto Halal Office for Monitoring and Sharia auditing on cryptocurrency markets thinks Dogecoin: DOGE is a Halal digital asset based on its Shariah complaince screening.

Islamic Finance Guru (IFG) believes Dogecoin: DOGE is a halal cryptocurrency based on its method of Shariah complaince screening.

Practical Islamic Finance (PIF) is comfortable about Dogecoin: DOGE meeting its Shariah screening.

Sharlife considers Dogecoin: DOGE as a halal cryptocurrency based on the five areas assessed for Shariah complaince screening. 

If you know of other academic or scholarly views on this, please add in comments and we will update accordingly. Alternatively, you may want to join our community of Muslims crypto investors and traders, to share, learn and profit from halal digital assets.          

 

Is Dogecoin Halal: Is DOGE Halal?

Yes, Dogecoin: DOGE is Halal as its operates like Bitcoin, as a store of value and has been widely accepted by the masses so as much as I hate to say it, the entire crypto community has accepted this is Sharia compliant so who am I to judge otherwise. However, I will accept with billions in funds available for further development any joke can become a serious contender. 

We hope you found this useful. Please view our Halal Crypto List to find suitable digital asset investments, without compromising your Islamic faith.

 

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