Is meme currency prohibited?

In general, the fatwa regarding digital currencies, including "meme currencies" like Dogecoin, Shiba Inu, and others, depends on several factors:

• The nature of the currency: Does it represent something real or has significant value, or is it merely speculation?

• The method of trading: Are the buying and selling transactions conducted according to legitimate regulations (without deception, uncertainty, or gambling)?

• The purpose of the investment: Is it pure speculation (gambling) or a genuine investment?

Many contemporary scholars who have researched digital currencies believe that:

• If dealing with the currency involves excessive uncertainty (high risk similar to gambling) or if the goal is mere speculation without any real backing, then dealing with it is prohibited.

• However, if the currency is supported by a real project or has tangible benefits, and transactions are conducted transparently and without deception, then dealing with it may be considered permissible under certain conditions.

Meme currencies, in particular, are often created for fun or without a serious project and rely heavily on speculation and sometimes market manipulation (such as sudden price movements based on tweets or advertisements), so many scholars tend to prohibit dealing with them, or at least strongly warn against them.