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 refer you to the answer to the pump and dump question, which you may find interesting as your initial description focusses on a community pumping a certain coin, that you may want to get in on.
Your second comment a couple of days ago makes things interesting. If a coin has no utility or roadmap then what is the asset you are actually buying? If it is just another digital currency, then the most important thing to determine is if it is widely accepted as a digital currency? Take Doge for instance, every Muslim in this space at one point claimed it is not permissable as it is a meme coin and had far too much ucertainty. However, at $13B market cap and within the top 10, you will find all the same Muslims now state that it is permissable.
This doesnt mean any past ruling was incorrect. It simply means the uncertainty was reduced and the coin became widely accepted as a legitimate cryptocurrency, despite all the negative things we can atttribute to it.
I guess it comes down to your halal/haram risk appetite. Generally the more uncertainty, the more “haram” something becomes so best to avoid in my opinion.
