American Shib
Crypto Overview
Overview
American Shib is a meme cryptocurrency token launched in 2023 that aims to capitalize on the popularity of dog-themed tokens in the cryptocurrency space. The token operates on the Ethereum blockchain as an ERC-20 token.
Purpose and Utility
The stated purpose of American Shib is primarily to serve as a community-driven meme token with aspirations of developing additional utility through NFTs and merchandise. Currently, the token's main use is as a tradeable digital asset.
Business Model Analysis
The project's business model centers around community growth and token trading. While the token itself does not have extensive utility beyond trading, this alone does not make it non-compliant from an Islamic finance perspective as real asset ownership and transfer occurs with each transaction.
Development and Platform Activity
The project maintains basic token functionality on the Ethereum network. While development activity appears limited, this is not unusual for meme tokens and does not impact its permissibility from a Shariah perspective.
Token Distribution and Governance
The token follows a standard distribution model with public trading on decentralized exchanges. While detailed founder allocation information is not readily available, the token can be freely traded on decentralized exchanges, representing actual ownership transfer in transactions.
Crypto Impact
To assign a comfort level investing in American Shib from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to American Shib.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.