Islamicoin token is currently one of the new tokens gaining massive attention in the crypto space. The islamicoin was some time last week the biggest gainer on coinmarketcap, and this is the reason I have decided to do a review on the token.
This review aims to find out If this token is legit or a scam. If there are opportunities to make money or it is just another way for some unscrupulous element to enrich themselves while investor loses their hard-earned money.
In the course of this review, I will write about the project, the market cap, the developers, the community, the contract analysis and every piece of information that can help you make an informed decision before investing your hard-earned money in Islamicoin tokens.
Before we proceed, it is important to remind you that I am not a financial expert and everything I write here is not financial advice.
It is basically for educational purposes, please make sure you do your due diligence before you invest your money in any crypto project. More importantly, do not invest more than what you can afford to lose to avoid regrets.
If you want a video of Islamicoin token review, you can watch the video below, and also subscribe to our youtube channel for more interesting crypto reviews.
What is Islamicoin?
Once you hear the name Islamicoin, the word “Islam” automatically comes to your mind. Islam is no doubt one of the major religions in the world today, this religion was promulgated by Prophet Mohammed in Arabia in the 7th century. Those who follow Islam are called Muslims
With the explanation above, if you think Islamicoin is connected to the Islamic religion or the Muslim community, then you’re definitely on track.
According to coinmarketcap, Islamicoin prides itself as the largest Islamic technology project that utilizes blockchain technology, media, commercial, financial, entertainment and charitable projects.
The goal of Islamicoin is to build a blockchain that helps to 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.
From the information on coinmarketcap, it is safe to say that the Islamicoin is a token created for the growth and financial independence of the Islamic community. Its operation is governed by Islamic Sharia law, and the goal is to build an Islamic project powered by blockchain technology.
Islamicoin Website Review
The website has some good features like live crypto data, the price, a market chart, and detailed information about the Islamicoin project.
Although the website design is basic, it contains information about the mission, roadmap, team, whitepaper, future projects, token distribution, news, and helpdesk contact.
On the website, you will find a statement that “Islamicoin, is a sharia-compliant cryptocurrency for the global Muslim community that 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”.
For my Muslim readers, I would like to know your take on the statement above. Is cryptocurrency haram in Islam or not? Kindly leave your comment below, I will be looking forward to learning from you.
On the Islamicoin website, there is a 20-page Whitepaper that sums up the Islamicoin project. Some of the information on the whitepaper is already on the official website.
However, there is some information that I will shed more light on, such as the forecast of the growth of Islamicoin written in the whitepaper and the 5% total supply of the token dedicated to charitable cause known as Bait-Al-Mal.
Islamicoin’s Audit Report
Unlike many crypto projects that use CERTIK audit to audit their contract, the Islamicoin project is audited by Crypto Halal.
The official website of crypto halal is https://cryptohalal.cc. You can find the link to the crypto halal audit report of the Islamicoin on the Islamicoin website.
Crypto Halal Office certifies that the ISLAMICOIN project has taken to account the controls, standards and the sharia recommendation issued by the Crypto Halal office, for monitoring, and Sharia auditing in all contracts, and that the project is away from any forbidden Sharia violation.
Crypto Halal will continue to audit ISLAMICOIN every quarter to ensure continual compliance.
Islamicoin Market Cap and Liquidity
At the time of writing this review, the Islamicoin market cap is valued at over 40 million USD with over 10,000 holders according to polygonscan.
Islamicoin’s market cap is currently valued at 40 million USD with 1.6K in the liquidity pool (which is an issue of concern for me, because the liquidity of this token is very low). You can find out information about the liquidity on dexscreener,.
Islamicoin on Tokensniffer.com
One of the tools I use to scan through the contract of any token is tokensiffer. Unfortunately, tokensniffer scores Islamicoin 15% which is very low rating. The reason for the low rating, as highlighted by tokensniffer is because of the result of some issues detected with Islamicoin token contract.
The Islamicoin ownership is not renounced which means the contract contains an ownership functionality, that gives the owner power to influence and modify the smart contract behaviour (like, disable selling, mint new tokens, change fees) at will. While having a contract address renounced brings a level of integrity to a project, there are benefits to having an unrenounced contract.
Another red flag highlighted by token sniffer is that the developer address holds 16% of the token in the contract and there is no anti-whale mechanism because some wallet address contains a large amount of this token, which could negatively affect the price when they sell off their tokens.
And it is necessary to remind you that the liquidity in this token is very low in comparison to the market cap. There could be issues selling off this token in the future if nothing is done about the liquidity.
Developers Behind Islamicoin
The good thing about the Islamicoin developers is that they are doxxed. The names, pictures and the social media profile of the Islamicoin team are listed on their official.
The name of the founder of the Islamcoin token is Jeffry Kayhem a certified I.T and Blockchain expert based in Lebanon. There is a link to his official Linkedin profile which looks legit with over 500 connections.
Omar Najmeddine. They are vital members of the project. And the link to their official social media Linkedin account is ot the official website.
What Investors are saying about the token
There has been a positive reaction from investors so far about the Islamicoin token. From the comments on youtube videos, many people particularly Muslims are interested in buying this token.
On their official Twitter account, a lot of the Islamicoin investors are bullish about the token. These are some screenshots of their reaction.
There is a mixed reaction of investors in coinmarketcap comment section. Some are bullish while others are bearish. However, the overall sentiment at the time of writing this review is bullish.
How to buy the Islamicoin
The islamicoin token is built on the Polygon blockchain and the official contract address is 0x9c891326Fd8b1a713974f73bb604677E1E63396D.
You can buy Islamicoin tokens on Coin Tiger exchange. The token pair is ISLAMI/USDT.
CoinTiger is a centralized exchange located in Singapore. It supports CNY deposits and withdrawals.
Firstly, Islamicoin stands out from every other crypto-token, because it is targeted the Islamic society, which is a major religion in the world. I believe this token already has a community that can easily promote this token to attract more investors.
From my findings, Islamicoin has no utility. But from the information on the official website, and their whitepaper, it is evident that the developers of this project know what they are doing. And this project has massive potential if executed properly.
The fact that the team is doxxed and the contract is audited proves the integrity and transparency of the developers to a large extent.
However, I have issues with the liquidity, the whales, and the developers holding 16% of the token, as revealed by tokensniffer.
With over 10,000 holders and over $40million in market cap in less than one year, it is safe to say Islamicoin is not a scam and could be a good investment if all the issues are addressed.
Please be reminded that this is not financial advice, don’t forget to do your due diligence before investing in any crypto project.
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