Pepe is one of those meme coins thats comes out of nowhere and gains incredible traction for no reason other than hype or speculation. Generally, where there is a high degree of uncertainty, Muslims should stay away. However, if we look at the most prominent example of a meme coin, dogecoin has been screened as halal by a number of different credible sources so let’s take a lesson from that.
It’s important to note Doge did not start out as halal, the initial perception was as stated above and Muslims should avoid it. The view changed when it became so large that it could not be dismissed and had to be taken seriously. One of the reasons for saying Doge was halal was because it was so widely accepted as a digital currency despite being a meme coin that everyone had to give it credibility. We can expect the same principle for others like Pepe in that, at the moment anyone with any Islamic credibility would most likely say it is haram. However, if Pepe continues to rise and gets into the top 20 anytime soon and manages to stay there for a long enough period, I won’t be surprised if the same Islamic academics change their tones. Quite rightly too as any coins credibility is greatly increased if it sustains a duration amongst the very top, despite the anonymity.
The short answer is at the moment its too early to say it is halal as the uncertainty is just too high, but the view may change in fuuture if it continues to rise. Hope that helps iA
