Is Dogecoin (DOGE) Halal or Haram?
Shariah compliance review of Dogecoin (DOGE) by Islamic finance scholars at EthicalNode, with separate verdicts for trading and for staking.
Trading verdict: Comfortable
The coin originated as a meme, raising concerns from a Shariah perspective regarding the project's legitimacy. In Shariah, legitimacy is crucial to prevent gharar transactions and fraudulent activities. Nevertheless, as DOGECOIN has evolved rapidly and is now used by consumers for everyday transactions, we have determined that DOGECOIN is legitimate and neutral, serving primarily as a store of value similar to Bitcoin. Source: sharlife.my
Staking verdict: Non-Comfortable
There is no Proof of Stake consensus, the chain functions on Proof of Work protocol, which is "mining". This is why any so called "staking" for this token is impermissible, because it lacks participating in creating new blockchain transactions in the blockchain. You can read more about Proof-of-Stake protocol on our Blogs section below this crypto list.
Browse all Shariah-compliant cryptocurrencies on the EthicalNode halal crypto screener.