Reflecting the values of honesty and devotion to Islamic traditions, Islamic Coin has stepped into the spotlight as something more than just a cryptocurrency. This Islamic finance principle-based digital asset is designed for the global Muslim community and is built on the Haqq blockchain.
The world of cryptocurrency has a new player, Islamic Coin(ISLM). Its main aim is to empower an ethics-first, Shariah-compliant financial ecosystem. With its native currency being HAQQ, this network will be run by the community. The developer of the HAQQ Blockchain is ICNetwork Ltd. The masterminds behind this privately owned technological enterprise are blockchain and fintech entrepreneurs, Andrey Kuznetsov, Alex Malkov, Mohammed AlKaff AlHashmi, and Hussein Mohammed Al Meeza. They built this network on the Cosmos SDK.
Till now, Islamic Coin has successfully raised over $400 million in funding having Alpha Blue Ocean's ABO Digital, DF101, Futurecraft Ventures, and Optic Capital onboard. Holiday Swap, one of the world's largest home exchange platforms, also agreed to partner with the Islamic Coin. DDCAP Group is also its other exclusive project partner. As per the company, the public can invest in Islamic Coin for liquidity staking, liquidity mining, and outright token purchases to benefit from its long-term appreciation.
Shariah-compliant cryptocurrency Islamic Coin announced its listing on KuCoin. The launch, which took place on October 10, 2023, marks the first of a series of listings for Islamic Coin.
The current trading price of the coin stands at approximately $0.3600, reflecting a remarkable surge of 48% over the past 24 hours with a trading volume of $5.99 million. This substantial increase also represents a staggering 656% rise since the inception of the token on October 10, 2023.
Islamic Coin's representatives informed that the token in question, ISLAMIC, is an imposter with no affiliation to ISLM. On the BNB chain, Islamic Coin allegedly saw a sharp 100% drop after a wallet exchanged one quadrillion tokens for 724.4 BNB tokens on PancakeSwap. Some community members clarified that the affected Islamic Coin is merely a clone, asserting that the genuine coin isn't on the BNB chain. Notably, the BNB chain has experienced a surge in rug pulls, as multiple blockchain security firms have reported such incidents.
While this incident may be rooted in naming confusion, it underscores the numerous rug pulls on the BNB chain. For instance, Beosin Alert, a blockchain security firm, documented a $1.68 million rug pull by the deployer of the FSL token, who subsequently sent BNB tokens to the crypto mixer Tornado Cash.
Analyzing the PEPE-Tether chart, we observed a 310% surge on the first trading day. By the fourth day post-listing, it recorded substantial gains of nearly 810%. However, profit booking ensued on the fifth day, and within a few months, it reached a near-lifetime low.
Interestingly, the chart for the Islamic coin (ISLM), seems to be following a similar pattern these days. It experienced a remarkable 683% rise on its first trading day and a significant 637% increase by the fourth day after listing. The big question now is whether it will stick to this thrilling pattern in the upcoming trading sessions or switch things up. Keep your eyes peeled!
As we embark on a mission to unite ethical finance with the world of cryptocurrencies, Islamic Coin has risen as a prominent contender, presenting an innovative fusion of financial ethics and state-of-the-art technology for a global audience.
Mohammed AlKaff AlHashmi, the visionary founder of Islamic Coin, remarked, "With projections indicating that the global Islamic finance sector will exceed $3.69 trillion by 2024, our collaboration is set to revolutionize the arena of Shariah-compliant digital financial services.
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