King of memes
Crypto Overview
Project Overview
King of Memes (ELON) is a meme cryptocurrency that was created as a tribute to Elon Musk, launched on the Ethereum blockchain. The project positions itself primarily as a community-driven meme token.
Purpose and Utility
The stated purpose of ELON is to serve as a community token for meme enthusiasts and Elon Musk supporters. It functions as a tradeable digital asset on various decentralized exchanges. While the utility is limited, the token does represent actual ownership of a digital asset that can be traded.
Business Model
The project operates through decentralized token trading and community engagement. The business model does not inherently involve any haram activities like gambling, interest-based lending, or prohibited industries. The token serves as a tradeable digital asset with legitimate ownership transfer mechanisms.
Real-World Adoption
The token has achieved listing on several decentralized exchanges and has an active trading community. While primarily used for trading rather than utility purposes, this trading activity represents legitimate ownership transfers of digital assets.
Development Activity
The project maintains basic token functionality on the Ethereum blockchain. While development activity is limited, this does not impact its halal status as the core function of transferable ownership remains intact.
Token Distribution
The token follows a decentralized distribution model with no significant concentration in founder wallets that would indicate a scheme to enrich founders.
Crypto Impact
To assign a comfort level investing in King of memes 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 King of memes.
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.