Dogecoin (DOGE) is currently under Shariah review at Sharlife. According to Sharlife's Shariah screening methodology, which evaluates legitimacy, project fundamentals, token economics, and reward systems, Dogecoin is under Shariah review.

Is Dogecoin (DOGE) Shariah-compliant?

Dogecoin (DOGE) is currently under Shariah review at Sharlife. Sharlife applies Shariah principles — avoiding riba (interest), gharar (excessive uncertainty), and maysir (gambling) — to screen each cryptocurrency.

Can Muslims invest in Dogecoin?

Dogecoin (DOGE) is currently under Shariah review at Sharlife. Muslims should ensure they trade Dogecoin on spot markets without leverage or futures contracts.

Dogecoin Shariah Status | Is Dogecoin Halal for Islamic Investment?

Name: Dogecoin
Brand: Dogecoin
Price: 0.08388063901102874 USD
Availability: InStock
Rating: 5 (1 reviews)

Market Stats

Price

$0.0839

-1.55% (24h)

Market Cap

$13B

Volume (24h)

$680.62M

Supply

154.60B DOGE

FDV

$12.97B

Shariah Analysis

Grey

Project

Token

Reward

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.

Last Screening: Q3 2023

Risk Analysis

Shariah

Compliance Score

--

Legitimacy

Project Score

--

People

Team Score

--

In-Depth Analysis

Project Token Reward System Legitimacy

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

Note: 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	Interpretation	Status
Mining	Miners in the network receive transaction fees from users in exchange for faster transaction processing.	Passed

Category	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
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

Technical Analysis

Support & Resistance

Support 2

0.08838

Support 1

0.08136

Last Price

0.08479

Resistance 1

0.10549

Resistance 2

0.10878

Pivot Points

Support 2

0.08153

Support 1

0.08316

Pivot Point

0.0849

Resistance 1

0.08652

Resistance 2

0.08826

Trading Signals

42 indicators

Trend

Moving Average (Mid Term) Weak

Ichimoku Cloud Neutral

Momentum

Relative Strength Index Weak

Moving Average Convergence/ Divergence Weak

Vol & Volatility

On-Balance Volume Strong

Average True Range Strong

Signal strength 36 / 100

Moving Average (Short Term) Weak

Moving Average (Mid Term) Weak

Moving Average (Long Term) Weak

Exponential Moving Average (Short Term) Weak

Exponential Moving Average (Mid Term) Weak

Exponential Moving Average (Long Term) Weak

Bollinger Band Weak

Williams %R Neutral

Relative Vigor Index Weak

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 Weak

Parabolic SAR Weak

Average Directional Index Weak

Ichimoku Cloud Neutral

Average True Range Strong

Commodity Channel Index Weak

On-Balance Volume Strong

Volume Weighted Average Price Neutral

Keltner Channel Neutral

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 Strong

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

AI Price Prediction

AI-generated analysis only. Not financial advice.

Community Sentiment

Community Discussion (1)

Please login to join the discussion.

Irfan

1 year ago

Should be halal now

Actions

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About Dogecoin

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.

Consensus Mechanism

Proof of Work

Risk Disclosure: Sharlife is a registered Shariah Advisor with the Securities Commission Malaysia. Content is for educational purposes only and does not constitute financial advice. Investments in stocks and crypto assets carry inherent risks, including loss of capital. Past performance is not indicative of future results. Shariah compliance does not guarantee returns. Please consult a licensed financial planner before making investment decisions.

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