FLOKI
FLOKI#125FLOKI is a dog-themed token that began as a meme and now powers a set of apps: a metaverse game, a token locker, a trading bot and education.
- Market cap
- $259.61M
- Volume 24h
- $39.54M
- All-time high
- —
- Circulating supply
- 9.52T of 10T
Does not clear all 8 Shariah criteria. Needs caution: nature of the asset, gambling (maysir), excessive uncertainty (gharar), and usage.
- 4 pass
- 4 caution
- 0 fail
Verdict history
- DoubtfulCurrent
First publication
Fundamentals, market picture and news will appear here.
Halal analysis
Can a Muslim hold FLOKI?8 Shariah criteria
4 pass · 4 caution · 0 failHolding FLOKI pays nothing, but its staking programme pays TokenFi rewards that grow with lock time, which resembles a time-based return.
Riba is interest or any guaranteed increase on a loan. FLOKI has no lending function, and holding it pays nothing. Its staking programme pays rewards in TokenFi from a fixed allocation (54% of TOKEN supply), with larger multipliers for longer locks and no validation work, which is close to a passive time-based return. Sharlife's Grey rating is conditional; because this programme is optional and not a loan, the criterion stays in pass but below the maximum.
FLOKI has some uses in its own apps, but it began as a meme coin and its identity is still largely a meme brand.
This criterion asks whether the asset has real value as property (mal). FLOKI is used as the currency of the Valhalla game and to pay for ecosystem services, so it is not empty. But it started as a meme token, CoinGecko still classes it as a dog-themed meme, and its uses sit mostly inside its own ecosystem. Sharlife rates it Grey (conditional); this coin-specific weakness keeps the criterion at caution.
FLOKI's price is driven mainly by meme speculation, and its burns are partly funded by a trading bot, though it also has a game and services.
Maysir is gambling: gaining or losing by chance rather than through productive exchange. FLOKI's value has been driven largely by meme speculation; it fell about 92% from its June 2024 high. Half of the Floki Trading Bot's 1% trading fee is used to repurchase and burn FLOKI, so value support is linked to trading activity. Unlike a pure meme token, it has non-speculative uses, so the criterion is at caution rather than fail.
Floki funds itself from a 0.3% trading tax, product fees and its treasury; no lending or interest income is documented.
This criterion asks how the issuer earns and whether that income is permissible. Floki is funded by a 0.3% tax on on-chain buys and sells, fees from its products (the locker and the trading bot) and a treasury of FLOKI, BNB/ETH and stablecoins. Fees for trading services are not impermissible in themselves, but the reliance on trading activity and an undisclosed treasury policy for stablecoins lower the score within pass.
Core advisors are pseudonymous, the treasury is not itemised, and the tokenomics are marked as subject to change.
Gharar is excessive uncertainty or hidden information. FLOKI is led by pseudonymous advisors, its treasury holdings and their use are not itemised publicly, and its tokenomics pages say they are subject to change. Supply on two chains and the tax rate are published. These are concrete uncertainties, so the criterion is at caution.
FLOKI is used in a game, a locker, a trading bot and education, but its main use is speculative trading.
This criterion looks at what the asset is actually used for. FLOKI is the currency of Valhalla and pays for ecosystem services, and the trading bot reports over 50,000 users. But much of the activity around FLOKI, including the bot, serves trading of meme tokens. With speculation as a major use and some permissible uses alongside, the criterion is at caution.
Fully paid spot FLOKI is widely available and can be held in any Ethereum or BNB Chain wallet.
This criterion asks whether the asset can be owned in a permissible way. FLOKI trades spot with full payment and delivery on major exchanges and DEXs, and it can be held in self-custody. Ownership does not depend on derivatives or leverage, so the criterion is at the maximum.
FLOKI funds education and charity projects; no concrete fraud or hack involving FLOKI is documented.
Maslahah weighs benefit against harm. The project runs a crypto education platform and reports charity work such as building schools in Ghana and Nigeria. No source collected documents fraud, a hack or a team dump involving FLOKI. The harm from speculation is counted under gambling and usage, not again here, so the criterion is at the maximum.
How you can use it
Tap a card for the ruling and sourcesBuying FLOKI with full payment and immediate delivery is widely available, and the tokens can be moved to a self-custody wallet. Spot is acceptable for a DOUBTFUL asset for those who follow the permissive view; note the 0.3% tax on on-chain trades.
A FLOKI exchange-traded product has been reported on a European regulated market. A product that holds FLOKI itself would be judged like spot; its structure (backing, no lending) must be checked.
FLOKI is used for payments inside its own ecosystem, not as general money. Tier-1 bodies such as Indonesia's MUI rule that using cryptocurrency as currency is not permissible.
FLOKI staking involves no validation work: locked FLOKI earns TokenFi from a fixed allocation, more for longer locks, with an early-exit penalty. This is closer to a time-based return than a reward for work; caution.
Margin trading in FLOKI is offered by some exchanges but is never acceptable: it is a deferred exchange with borrowed money and leverage (AAOIFI SS 20).
FLOKI perpetual futures are offered on several exchanges, but futures, perpetuals and options always fail under AAOIFI SS 20: deferred exchange without delivery, usually with leverage.
Lending FLOKI through exchange or DeFi lending programmes pays depositors interest from borrowers. This is riba.
Yield products on FLOKI outside the official staking programme get their return from lending or similar interest-like sources and fail.
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.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
Section in preparation
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