Is Dogs (DOGS) Halal or Haram?
Shariah compliance review of Dogs (DOGS) by Islamic finance scholars at EthicalNode, with separate verdicts for trading and for staking.
Trading verdict: Questionable
Sharlife.my analisys: <br><br>Dogs resembles a meme coin without a defined use case, raising concerns about its adherence to Shariah principles. Meme coins often lack clear utility, questioning their compliance and contribution to beneficial exchanges. Additionally, they are frequently linked to pump-and-dump schemes, posing risks to investors. Therefore, we consider meme coins without use cases, including Dogs, as impermissible (tahrim al-wasail). <br><br>In our view, generally speaking, the shariah status for such meme coins like Notcoin is questionable, because these is a lot fo grey areas. However, when those tokens are received as a reward or a drop for relevant activities, we do not see it as a problem if one sells those tokens on a market.
Staking verdict: Non-Comfortable
There is no actual consensys protocol for this token. This is why any "staking" for this token is impermissible, because it lacks participating in creating new blockchain transactions in the blockchain.
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