It seems to me that meme coins are much like a pyramid scheme and a type of scam. At least in the case of the coins that don’t have a purpose or value at all. Early investors only make money by late investors fomoing in and losing money.
Would this not making such investments haram?
A counter argument someone could make is that people are investing in an idea (meme) taking off. But that does not seem to me to be a valid argument as it sounds even more like a type of bet and not an investment in something with value. It seems much like betting on people in a crowd choosing their favourite colour.
So my question is: Why isn’t this haram?
Jazak Allah Khayr