Name : Dogecoin (DOGE)
DOGE Price : $0.309 -11.88%
Consensus Mechanism : Proof of Work
Volume: 14,961,503,610
Market Cap: 45,486,578,849
Shariah Judgement
The coin was created as a meme and it triggered an issue in shariah's perspective which concerns the legitimacy of the project. Legitimacy in shariah is very important to avoid gharar transactions and scam activities. However, as DOGECOIN has been rapidly developed, and consumers are using the coin for daily transactions, we considered that DOGECOIN is legit and neutral as it only acts as a store of value same as Bitcoin.
Shariah Status : Grey
Last Screening: Q3 2023
Legitimacy:
Project:
Token:
Reward:
Shariah Status:
Grey
Risk Analysis
Shariah
Legitimacy
People
In-Depth Analysis
Shariah Analysis
| Project/Products | Use Case | Status |
|---|---|---|
| Meme Coin | Initially created as a meme coin. Dogecoin's rapid development and growing adoption for daily transactions have led to its recognition as a legitimate and neutral store of value, akin to Bitcoin. | Grey |
| Open-Source Software Ecosystem | Dogecoin has an open-source software ecosystem for Dogecoin Core, facilitating transparency and encouraging contributions from individuals with technical expertise. | Passed |
Additional Information : From Sharlife's perspective, meme coins carry risks that contradict Shariah principles. According to Sharlife, these tokens lack clear utility and genuine use, making them questionable in meeting Shariah criteria. One of the fundamental principles in Shariah is that only assets with genuine benefits and utility can be traded.
| Use Case | Status |
|---|---|
| DOGE can be used as a digital currency for transactions, allowing users to make payments and conduct exchanges of value. | Passed |
| Users can spend their DOGE with any merchant or business that decides to accept DOGE as a form of payment. | Passed |
| System | Status | Interpretation |
|---|---|---|
| Mining | Passed | Miners in the network receive transaction fees from users in exchange for faster transaction processing. |
Legitimacy Analysis
| Details | Status | |
|---|---|---|
| Whitepaper | The document typically contains basic information about the project, installation instructions, and guidelines for developers contributing to the codebase. | Grey |
| Project | Dogecoin's legitimacy as a serious project may be questioned since it started as a meme and lacks a clear purpose. | Grey |
People Analysis
| Details | Status | |
|---|---|---|
| Team | Dogecoin's team is legitimate and trustworthy. Jackson Palmer, who works at Adobe Inc., started it as a joke in response to cryptocurrency hype. Later, Billy Markus from IBM joined him to develop Dogecoin. Their experience in reputable companies makes the team credible. | Passed |
Trading Signals
Moving Average (Short Term)
Weak
Moving Average (Mid Term)
Weak
Moving Average (Long Term)
Strong
Exponential Moving Average (Short Term)
Weak
Exponential Moving Average (Mid Term)
Weak
Exponential Moving Average (Long Term)
Strong
Bollinger Band
Weakest
Williams %R
Neutral
Relative Vigor Index
Strong
Money Flow Index
Neutral
Chaikin Oscillator
Weak
Aroon
Weak
Klinger Oscillator
Weak
Chande Kroll Stop
Weak
Moving Average Convergence/ Divergence
Weak
Relative Strength Index
Weak
Stochastic
Weakest
Parabolic SAR
Weak
Average Directional Index
Ichimoku Cloud
Neutral
Average True Range
Strong
Commodity Channel Index
Weak
On-Balance Volume
Strong
Volume Weighted Average Price
Neutral
Keltner Channel
Weak
Dochian Channel
Neutral
Choppiness Index
Strong
Ergodic Oscillator
Strong
Ease of Movement
Weak
Ultimate Oscillator
Neutral
Elder Force Index
Weak
Connors RSI
Neutral
Rate of Change
Weak
Chande Momentum Oscillator
Neutral
Triple Exponential Average
Weak
Know Sure Thing
Weak
Detrended Price Oscillator
Weak
Moving Average Envelope
Strong
Coppock Curve
Weak
Vortex Indicator
Weak
Schaff Trend Cycle
Weak
Elder Impulse System
Weak
Pivot Points
Support 2
0.23978
Support 1
0.27874
Pivot Point
0.3034
Resistance 1
0.34236
Resistance 2
0.36702
Support & Resistances
Support 2
0.35804
Support 1
0.31507
Last Price
0.31771
Resistance 1
0.4673
Overview
Dogecoin is a community-driven cryptocurrency originally inspired by a meme featuring the Shiba Inu dog. Its open-source nature allows anyone to participate in its development, and it operates on the Scrypt hashing method for Proof of Work, similar to Bitcoin. Initially created as a meme coin, Dogecoin has evolved rapidly, gaining recognition as a legitimate and neutral digital asset used for daily transactions. It acts as a store of value, and its development process is publicly visible, encouraging contributions from individuals with technical expertise.
Whitepaper & Documents
Sharlife uses TradingView technology to present price information through charts. TradingView serves as a charting platform catering to a worldwide community of traders and investors. With robust support across browsers, desktops, and mobile applications, the platform offers exceptional access to real-time data such as Dow Futures and BTC USD Chart, as well as the latest news, financial reports, stock screener, and economic .
COMMENTS
1 Comments
Irfan
29 days agoShould be halal now
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