Based on the latest data analysis as of February 28, 2024, at 7:47, the sentiment surrounding Islamic Coin (ISLM) is predominantly bearish, with key technical indicators signaling caution for investors. Amidst a lack of significant announcements from the management team, both Haqq Network and Islamic Coin face mounting pressure, likely to drive the value below $0.05 in the coming week.
Haqq Network, which experienced a surge in user adoption in November 2023 with over 250,000 users, saw a notable decline, attracting only around 50,000 users in January 2024. This dwindling user base, coupled with a drop in global rankings—with Haqq.network standing at #862,960 and Islamiccoin.net at #503,930 compared to Hedera.com at #128,267—paints a concerning picture for the project’s momentum.
A graph depicting the web traffic for Haqq Network, Islamic Coin, and HaqqExchange reveals a substantial decline across all platforms, indicating stalled progress. Consequently, it’s anticipated that ISLM Coin could fluctuate between $0.03 to $0.07 in the foreseeable future.
Despite these challenges, the Islamic Coin team continues to promote the project on Coinmarketgap, employing misleading tactics to encourage coin purchases, including speculative headlines suggesting an imminent rise to $1. However, the stark reality contrasts with these claims, as evidenced by a significant drop in web traffic. In January 2024, only 4,900 users downloaded the Haqq wallet, a fraction of previous figures.
Moreover, scrutiny from eHalal, an entity monitoring the project, reveals concerning practices. Since its listing on KuCoin on October 13, 2023, Islamic Coin has failed to issue any press releases. Additionally, investigations suggest that a substantial portion of website traffic was artificially generated from regions like Nigeria and Venezuela. Furthermore, despite operating out of Dubai, the Dubai Virtual Assets Regulatory Authority has yet to authorize Islamic Coin’s public sale within the region.
In conclusion, the current market sentiment surrounding Islamic Coin (ISLM) remains bearish, fueled by a combination of dwindling user engagement, regulatory hurdles, and questionable promotional tactics. Unless significant strategic interventions are made, the project’s trajectory appears uncertain, with potential implications for investors and stakeholders alike.
