MemeCore
M#42M is the native coin of MemeCore, a blockchain built for launching meme coins.
- Market cap
- $2.4B
- Volume 24h
- $1.13M
- All-time high
- $5.64
- −81.36% from ATH
- Circulating supply
- 2.28B of 10B
Does not clear all 8 Shariah criteria. Needs caution: nature of the asset, gambling (maysir), business model, excessive uncertainty (gharar), usage, and benefit and harm (maslahah).
- 2 pass
- 6 caution
- 0 fail
Verdict history
- DoubtfulCurrent
First publication
Fundamentals, market picture and news will appear here.
Halal analysis
Can a Muslim hold MemeCore?8 Shariah criteria
2 pass · 6 caution · 0 failHolding M pays nothing; staking rewards are newly issued M paid for producing blocks, not interest on a loan.
Riba means interest or any guaranteed increase on a loan. Simply holding M earns nothing. The only native return is staking. Holders delegate M through MemeCore's system contracts to one of the 7 active validators and share the block rewards, currently 30 M per block, after a 10% validator commission. This is a payment for producing blocks, not a lending return. Two points make it less clean than ordinary proof-of-stake.
First, the docs mention slashing (a penalty that destroys stake for misbehaviour) only in passing, for double-signing, and do not say whether a delegator's principal can be lost, so the delegator's risk is unclear. Second, delegators receive X$M receipt tokens that can be used elsewhere in the ecosystem, where they could end up in lending products. Meme-coin holders can also stake their meme coins to earn M from the same reward pool, which is a transfer from issuance rather than interest.
M is the working fee and staking coin of a live blockchain, but real use is small and religious bodies disagree on whether cryptocurrency is property (mal).
Mal is property that Islamic law recognises as having value and that can be owned and traded. MemeCore is a working Ethereum-compatible chain: blocks have been produced since January 2025, and M is needed to pay fees and to stake. Its actual use is small, though. On 27 September 2026 the explorer showed about 13,900 transactions that day and network utilisation of about 0.06%, so M's value rests far more on expectation than on current demand for the network. Tier-1 religious bodies also disagree about cryptocurrency in general.
Malaysia's Securities Commission Shariah Advisory Council (2020) treats digital currency without an underlying asset as goods that may be traded on registered exchanges. Egypt's Dar al-Ifta (2017), the UAE General Authority of Islamic Affairs (2018), Turkey's Diyanet (2017) and Indonesia's MUI (2021) prohibit dealing in cryptocurrencies, and the OIC Fiqh Academy (2019) deferred a ruling. None of them names MemeCore.
The network is built around meme-coin trading, and M's own market is thin and prone to violent swings, but M itself has a function as fee and staking coin.
Maysir is gambling: winning or losing by chance rather than through productive exchange. Ordinary price swings are not maysir. MemeCore's stated purpose is to launch and reward meme coins, tokens whose value comes mainly from attention and speculation. Many scholars treat meme-coin trading as close to maysir. M's own market also behaves speculatively. On 24 June 2026 its price fell from about $3 to about $0.50 within half an hour, and about 74% over 24 hours on only about $21 million of volume.
On 27 September 2026 perpetual futures on Binance, Bybit and Bitget traded about $1.33 million a day, more than all reported spot trading. M is not a lottery or betting token: it pays fees and secures the chain. The status is therefore caution, at the lowest score in that band, rather than fail.
Fees and block rewards go to validators and meme-project incentives, but the company and foundation behind MemeCore do not disclose how they earn, and the ecosystem is built on meme-coin launches.
This criterion asks how the issuer or protocol earns, and whether any of that income is impermissible. At protocol level, block rewards go to validators and their delegators, part funds a Viral Grants Reserve for meme projects, and gas fees are partly recycled into reward pools and may be partly burned. These are service fees and issuance, not interest. The organisations behind MemeCore, a company led by founder Jun Ahn and the memecore-foundation, publish no revenue or treasury reports. Together the foundation, core contributors and investors were allocated 40% of the supply.
In August 2026 about 926 million M, valued at US$1 billion, were contributed to Nasdaq-listed ZeroStack for shares, and a MemeCore principal became ZeroStack's president. The public filings do not show whose allocation those tokens came from. Because the revenue mix is unknown and the ecosystem centres on meme-coin launches, the status is caution.
Code and supply rules are public, but ownership is extremely concentrated, only 7 validators produce blocks, liquidity is thin, and insider-control allegations remain unanswered.
Gharar is excessive uncertainty or hidden information in a deal. Some things are transparent. The node software is open source. The supply cap (10 billion M) and block reward (30 M per block) are published. Total supply of about 5.42 billion M matches the published reward schedule. The uncertainty is large, though. On 27 September 2026 the 25 largest addresses held about 94% of all M, and the 5 largest, all smart contracts, held about 71%. The docs do not map these addresses to allocations or publish a vesting schedule.
Only the 7 largest stakers produce blocks, and block rewards have already been cut once by a hardfork released by the core team. Daily trading of around $1 million against a market value of about $2.8 billion means the quoted price says little about what holdings could be sold for. In April 2026 an on-chain investigator publicly asked why insiders hold more than 90% of the supply; after the unexplained fall of about 74% in June he repeated his warnings, and MemeCore did not respond publicly. These are serious but disclosed or reported risks, not proof that the issuer can mint or move tokens at will, so the status is caution at the bottom of its band.
Activity on the network is small and its main intended use is launching and trading meme coins, which is disputed.
This criterion looks at what the network is actually used for. MemeCore is designed for creating, staking and trading meme coins (MRC-20 tokens), with Meme Vaults, reward reserves and grants built around them. Meme-coin trading is a disputed use: it is not prohibited in itself, but it is dominated by speculation. Other uses, such as general Ethereum-style applications or stablecoin transfers bridged to the chain, exist in principle but are small.
On 27 September 2026 the chain processed about 13,900 transactions a day, at about 0.06% utilisation, and it was not tracked by DefiLlama for DeFi deposits or stablecoins. No evidence was found that gambling or interest-based lending is the main purpose, so the status is caution rather than fail.
M can be bought spot with full payment and withdrawn to one's own wallet, though mostly on smaller offshore exchanges.
This criterion asks whether the asset can be owned in a permissible way. M trades spot with full payment and delivery on exchanges such as HTX, Gate, MEXC and Bitget, and on decentralised exchanges on BNB Chain as a bridged token. It can be held in a self-custody wallet on MemeCore or BNB Chain. The routes are narrow, however: Kraken's M/USD pair was in cancel-only mode on 27 September 2026, and total spot volume was under $1 million a day. There is no fund that holds M. Ownership does not depend on derivatives, so the status is pass, at the lowest score in that band.
The public benefit so far is limited, while the June 2026 crash caused large losses and insider-manipulation allegations have not been answered.
Maslahah weighs public benefit against harm. The benefit MemeCore claims is cultural: rewarding creators and communities around memes, and giving meme coins a longer life. There is little evidence yet of wide real-world use. The harm is significant. About $3 billion of market value disappeared in the June 2026 crash, with no official explanation. An on-chain investigator alleged that insiders control most of the supply and manipulated the price, although a Bubblemaps analyst said the holdings looked more like team-held allocations than coordinated trading.
No regulator or court has found wrongdoing. Speculative trading losses are counted under maysir, not again here. Harm is serious but not shown to dominate, so the status is caution at the bottom of its band.
How you can use it
Tap a card for the ruling and sourcesBuying M with full payment and immediate delivery is available on several exchanges, and coins can be moved to a self-custody wallet. Spot is acceptable for a DOUBTFUL asset for those who follow the permissive view. Liquidity is very thin, so large orders move the price.
No exchange-traded fund holding M was found. The closest listed exposure is ZeroStack Corp., a Nasdaq company holding about 926 million M. It is an operating company, not a fund, and it would have to be screened as a share in its own right.
Tier-1 bodies such as Indonesia's MUI rule that using cryptocurrency as currency is not permissible, and several countries restrict crypto payments. M is not used for payments in practice.
Delegating M to one of the 7 active validators pays newly issued M for block production, so it is rated pass. The docs do not say whether delegated stake can be slashed, and the validator takes a 10% commission. Staking meme coins to earn M, and using X$M receipt tokens in other products, is caution: the source of any extra return must be checked.
Margin trading in M is never acceptable: it is a deferred exchange with borrowed money and leverage (AAOIFI SS 20).
M perpetual futures on Binance, Bybit and Bitget traded more than all reported spot volume on 27 September 2026, but futures, perpetuals and options always fail under AAOIFI SS 20: deferred exchange without delivery, usually with leverage.
Lending M through exchange 'earn' or lending programmes pays interest from borrowers. This is riba.
M yield products built on lending or leveraged strategies pay interest or interest-like returns and fail. Native delegation is assessed separately above.
Scholars quotes
Penggunaan cryptocurrency sebagai mata uang hukumnya haram, karena mengandung gharar (ketidakjelasan), dharar (bahaya) dan bertentangan dengan Undang-Undang nomor 7 tahun 2011 tentang Mata Uang dan Peraturan Bank Indonesia nomor 17 tahun 2015 tentang Kewajiban Penggunaan Rupiah di Wilayah Negara Kesatuan Republik Indonesia.Sebagaimana mata wang yang lain, mata wang digital hendaklah tidak digunakan sebagai bayaran kepada barangan, perkhidmatan dan aktiviti tidak patuh Syariah seperti pembelian dadah, pelacuran, perjudian dan pendanaan aktiviti keganasan serta penggubahan wang haram.The SAC has also resolved that investment and trading of Digital Assets that fulfil the above requirements and which are traded on Digital Asset Exchange (DAX) registered with SC are permissible.Third: In light of the above and given the significant risks associated with this type of currencies and the instability of their transactions, the Council of the Academy recommends pursuing research and studies on issues affecting its ruling.Bitcoin is a digital currency that does not meet the legal and Sharia criteria that make it a currency subject to the rulings of dealing with official legal currencies recognized internationally.بناءً على ذلك: فلا يجوز شرعًا تداول عملة "البتكوين" والتعامل من خلالها بالبيعِ والشراءِ والإجارةِ وغيرها، بل يُمنع من الاشتراكِ فيها؛ لعدمِ اعتبارِها كوسيطٍ مقبولٍ للتبادلِ من الجهاتِ المخُتصَّةِ، ولِمَا تشتمل عليه من الضررِ الناشئ عن الغررِ والجهالةِ والغشِّ في مَصْرِفها ومِعْيارها وقِيمتها، فضلًا عما تؤدي إليه ممارستُها من مخاطرَ عاليةٍ على الأفراد والدول.The token has real gas/staking utility, but the single biggest Shariah consideration is gharar: undisclosed vesting for 40% of supply, unnamed technical founders, and severe insider concentration make risk disclosure and fair dealing highly doubtful.MemeCore receives a Doubtful verdict primarily due to its fundamental classification as a high-risk potential pump and dump, characterized by extreme supply concentration and valuation disconnects.According to research and opinion of experts so far, cryptocurrency is not considered ‘ maal ’ (wealth) in Sharia.Muhammadiyah memandang transaksi dan investasi kripto pada dasarnya mubah (boleh) tetapi dengan syarat tertentu.The opinion on this is the same as doing the same with any halal assets such as shares – 1) is permissible, 2) is more debatable and there are differing opinions on short-term trading.Our current position is 'tawaquf'; we can't say it is halal or haram, but we say it is better not to engage in itAs I mentioned at the beginning of this article it is not necessary to substantiate the permissibility of something as long as there are no prohibited factors involved in it or surrounding it.AI-assisted analysis checked against sources. Not a fatwa or investment advice.
Where it trades
3 exchanges from our coverage · no referral links
GateCentralized · M/USDTVolume 24h$334.61KReliability5.9Halal productNo halal product
BitgetCentralized · M/USDTVolume 24h$496.28KReliability5.0Halal productNo halal product
MEXCCentralized · M/USDTVolume 24h$74.09KReliability4.7Halal productNo halal product
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Listings as of Sep 18, 2026
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