As someone with years of marketing experience working for the biggest ad agency in the world, I would suggest staying away from symbolism like a dharma wheel.

A white elephant outline is neutral, and would work much better (as a brand) than something that means different things to different people (and would cause many others to become indifferent to Karmacoin).

i.e., come up with something new. The elephant is good. Just make it outstanding and emotionally appealing.

The simpler the logo the better. If I was to design it, I would do something completely different. A blue and red logo like the old Pepsi logo but leaning towards a horizontal yin-yang and getting rid of the dots. Also, there's no need to put "Karmacoin" on the logo. (Such is the sign of an amateur.) The text can go next to it, on the right side.

This makes for a familiar symbol but still something new. Thing big picture and long term. As in, what symbol would make a 9 year-old in the Kenyan highlands smile when they see it just as well as an adult in Shoreditch?

Nevermind what you like. The question is, what would most of your potential users like?

A good logo could mean the difference between success and failure of a company (or coin). (But again, it's not what you think is good...)