Islamicoin Token Review: How Legit is Islamicoin?

Islamicoin is a token I have been meaning to review for some time now. Every time I want to do it, something takes my attention away. Today, however, I’m not sleeping until I post this review for your reading and information pleasure. Sometime last week, this token surfaced on coinmarketcap.com as one of the highest gainers. It’s surfacing on coinmarketcap gave it a lot of exposure,
making the token attractive to many crypto investors.

Because of the various scams in crypto, I decided to review Islamicoin.  This Islamicoin review is an attempt to demystify the token. We will be checking whether  Islamicoin is legit or whether it is another dressed-up scam like the squid game token.

Before we begin, you have to know that, I’m not a banker or a financial adviser. I will not be held responsible for your financial decisions. It is important to verify or fact-check the information you got from this review and make your conclusions.  This article is just a guide, consider it entertainment.

With that out of the way, let’s begin.

What is Islamicoin?

Through coinmarketcap, we find out that

ISLAMICOIN describes itself as, the largest Islamic technology project that utilizes blockchain technology, media, commercial, financial, entertainment, and charitable projects. The project aims to build an Islamic blockchain that helps achieve financial independence for individuals, companies, and charitable organizations in the global Islamic community in addition to building a Decentralized Autonomous Organization (DAO) that operates according to Islamic Sharia in its content and transactions.

Now we have an idea of what Islamicoin said it is. Let’s go on to review its website.

Is Strange Inu a Scam?

Islamicoin Website

Islamicoin’s is a simple, yet very unique website. The site was thought through and a few of its feature like the live crypto data on display makes it very useful. Unlike most websites like it. The description begins with the below statement. 

Islamicoin, is a sharia-compliant cryptocurrency for the global Muslim community.

I think there’s still a debate in the Muslim community about cryptocurrency.  Some scholars view it as haram. While others think it’s not. Therefore, this Islamicoin project is looking like a move to establish the argument of those who think cryptocurrency is legitimate and should be adopted by all Muslims.

Is Cryptocurrency or Bitcoin Haram/Halal in Islam?

The rest of the website talked briefly about the ideas behind Islamicoin, the mission, and how relevant the project is, which honestly sort of make sense.

Islamicoin’s white paper and Audit Report

Islamicoin has a 20-page Whitepaper that encapsulates the totality of the project. Most of what is inside the white paper is what you have seen on the website. However, I will be highlighting areas I think are of super importance. One of such areas is the Bait Al-Mal. The Bait Al-Mal is 5% of ISLAMICOIN’s total supply dedicated to charitable causes. The white paper also contains Islamicoin growth forecast and other forecasts of such nature, which is rare in this space. Moving on, the Islamic coin has been audited by CryptoHalal.cc. Before reviewing tho token, I had no idea a crypto auditing firm like Cryptohalal ever existed. What I’m trying to say is that cryptohalal is a firm lacking in global repute. However, this is what they said about Islamicoin.

Islamicoin Market Cap and Liquidity

Islamicoin’s market cap is currently valued at 40 million USD. This market cap is still relatively low. It however has over 10,000 holders. According to dexscreener, Islamicoin has about a $1.6K liquidity pool (at the time of writing this review) This obviously is very low liquidity.

Islamicoin on Tokensniffer.com

Tokensniffer doesn’t rate Islamicoin’s contract as Islamicoin has a 15% rating on the platform. Tokensniffer highlights that, islamicoin’s contract contains ownership functionality, and ownership is not renounced which may allow the creator or current owner to modify contract behavior (for example: disable selling, change fees, or mint new tokens). While this is generally seen as bad. There are benefits to having an unrenounced renounced contract. Another problem tokensniffer highlight is the fact the developers own about 16% of the token’s contract and there seem to be whales in Islamicoin’s coins ecosystem. For those who are new to crypto, whales are people who have a significant share of a token. When they sell off their share, this could affect the price. We also got to know that Islamicoin has liquidity issues. 

Developers Behind Islamicoin

Islamicoin developers are doxxed. This is a good thing. The founder, Jeffry Kayhem, has what look like a legit linkedin profile with over 500 connection. Through his profile, you’d find out he is based in Lebanon and has many IT, TV, and blockchain certifications.   The others are Jonathan Stuart, Enas Yacoub, Tahani Al-Nouri, and
Omar Najmeddine. These folks bring various levels of expertise to the project.  And they all have their LinkedIn pages for investors to go through. 

What Investors are saying about the token

On Twitter, a lot of the Islamicoin investors are bullish about the token. I went through random posts and I didn’t see any complaints.

Also, coinmarketcap comment section, the overall tone is bullish. Here are screenshots of some of these comments.

Conclusion

In conclusion, Islamicoin is a very unique token. Although it currently has no utility, the developers of the token have big plans for it. Whether they stick to the plan is another matter entirely. The developers are doxxed and seem to have the required expertise to pull it off. The market cap is growing, however, there seems to be a problem with the token’s liquidity. Also, investors in this token are happy, with the developers. For me, Islamicoin has shown a very good level of transparency. The token is almost a year old. You can see the growth is organic. I think the token is legit. However, this is not financial advice.

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