The initial token, dubbed “CUBA,” reportedly hit a $30 million market cap before its value plunged, triggering accusations of a “rug pull.”
Several memecoins, including those minted on the Solana blockchain, have recently come under scrutiny for their rapid rise and fall, leading to accusations of pump-and-dump schemes.
One notable example is a series of tokens apparently linked to Cuba. The initial token, named “CUBA,” reportedly reached a market cap of $30 million before its value plummeted, prompting claims of a “rug pull.”
Adding to the drama, the X account associated with Cuba's Ministry of Foreign Affairs was briefly locked from public view after appearing to promote the token. This sparked widespread suspicion, including claims by crypto trader @Ashcryptoreal that multiple tokens—CUBA coin, Cuba coin 2.0, and Justice for Cuba coin—were launched and subsequently “rugged” within a 24-hour period. Screenshots also showed a fourth alleged token called “CUBA 4.0.”
Data from DEX Screener shows the original CUBA token went on to amass $158.7 million in lifetime trading volumes and currently holds a market cap of $4.3 million. However, the nature of its sudden rise and fall, along with the launch of multiple Cuba-themed tokens like “#1 rugging country” and “CUBA5,” raised questions.
Some observers speculated that Cuba's official X account might have been hacked, although the Cuban Ministry of Foreign Affairs has not yet commented on the situation.
As the broader crypto market surged ahead of U.S. President Donald Trump's inauguration, Solana-based memecoins drew attention alongside traditional digital assets. Both Trump and Melania Trump launched their own memecoins, with Trump's Official memecoin at one point trading above $60 on platforms like Robinhood.
The newly launched Official Melania Meme (MELANIA) jumped 25,600% within hours of its debut, turning some early investors into multimillionaires. One trader, identifiable by the Solana address 4zo6…zHF2, reportedly converted an $800,000 investment into 16.45 million USD Coin (USDC) in less than 12 hours, achieving nearly 2,000% returns. Another investor is said to have turned $560,000 into $11.5 million, while a separate trader claimed a profit of $47.5 million.
Announced by Melania Trump's verified X account, MELANIA quickly gathered around 500,000 holders and became one of the top 10 cryptocurrencies by trading volume. Its meteoric rise came shortly before President Donald Trump's inauguration and follows the launch of the Official TRUMP ($TRUMP) memecoin, which itself reached a $50 billion market cap within hours.
