Following its launch on the cryptocurrency trading platform KuCoin, Islamic Coin (ISML) has attracted the world’s attention as a cryptocurrency that aims at onboarding over 1.8 billion Muslims worldwide into digital finance, but artificial intelligence (AI) algorithms remain uncertain regarding its price by the end of the year.
Indeed, the AI-driven price prediction algorithms deployed by the crypto analytics platform CoinCodex have set the price of ISML at $0.29518 by December 31, 2023, which would suggest a decrease of 0.412% to its current price, according to the latest information retrieved on October 16.
Islamic Coin price analysis
At press time, Islamic Coin was changing hands at the price of $0.2964, which indicates a decline of 0.98% in the last 24 hours but a 60.27% increase on its weekly chart since its launch, as per the most recent data obtained by Finbold from crypto tracking website CoinMarketCap on October 16.
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As it happens, Islamic Coin managed to secure $200 million in crypto fundraising in the third quarter of 2023, despite a widespread and long-running downtrend at the time, with the KuCoin listing on October 10 marking its formal debut into the cryptocurrency market.
Interestingly, days before the official launch of the asset on KuCoin, Dubai’s Virtual Assets Regulatory Authority (VARA) had alerted investors and other market participants that the company distributing and marketing ISLM lacked the authority to do so, arguing that Bored Gen DMCC (BG) was not a licensed or registered virtual asset (VA) issuer.
All things considered, Islamic Coin has entered the market at a difficult period for most assets in the cryptocurrency sector, and time will tell whether it will manage to weather the uncertainties and increase its value more significantly in the future or remain at the levels predicted by AI.
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