I have long been interested in how to evaluate cryptocurrency within Islam. The question is interesting because the technology itself is just a tool, neither halal nor haram. It all depends on how it is used and with what intention.

Take a knife — it can be used to prepare food, or to cause harm. The same applies to crypto. Bitcoin, Ethereum, Solana — all are neutral technologies. Their permissibility depends on their application and purpose.

Regarding trading, spot trading is generally considered acceptable if the cryptocurrency is not associated with haram activities like gambling or fraud. Transactions should comply with Islamic principles of transparency and justice. P2P trading is also halal — a direct exchange between people without interest.

But there are coins that are clearly problematic. Meme coins like Shiba Inu, PEPE, BONK are usually considered haram. Why? Because they are driven purely by hype, not real utility. Investors buy them with the sole goal of quick profit. This resembles gambling more. Plus, pump-and-dump schemes often occur, where whales artificially inflate prices and then dump, leaving small investors at a loss.

On the other hand, cryptocurrency in Islam can be viewed positively if it has real application. Cardano, for example, is known for its projects in education and supply chain transparency. Polygon supports scalable and eco-friendly decentralized applications. That makes sense.

Solana is interesting because it depends on the context. If the blockchain is used for ethical DApps — it’s acceptable. But if it’s traded speculatively or supports gambling and fraudulent applications, then it becomes impermissible.

Margin trading is clearly haram. Borrowing money to trade introduces riba (interest) and excessive risk (gharar), which are prohibited. Futures trading is also problematic — it involves speculation on assets you do not own, leading to uncertainty and essentially resembles gambling.

Overall, when looking at cryptocurrency in Islam from this perspective, it becomes clear: projects with real utility and ethical application should be chosen. Spot trading coins that solve real problems is fine. But speculation on meme coins and margin trading are definitely not acceptable.

Personally, I try to track which projects truly make a difference in the world and which just chase hype. On Gate, you can find a good selection of projects with real potential if you know what to look for.