“On January 20, reports about the launch of a Solana meme token by the Cuban government spread online. The coin was promoted through the official X-account of the Ministry of Foreign Affairs of the country. Cuba apparently launched a memecoin then the devs rugged it… all this morning. Got up to $30mn. Below tweet from their Council of Foreign Affairs has since been deleted. Increasingly clear though this was a […]”, — write: businessua.com.ua
On January 20, reports about the launch of a Solana meme token by the Cuban government spread online. The coin was promoted through the official X-account of the Ministry of Foreign Affairs of the country.
Cuba apparently launched a memecoin then the devs rugged it… all this morning. Got up to $30mn. Below tweet from their Council of Foreign Affairs has since been deleted.
Increasingly clear though this was a hack. pic.twitter.com/E2rCAuIWnx
— Stats (@punk9059) January 20, 2025
“Cuba apparently launched memecoin and then the developers did a rug pull in the morning. Received up to $30 million. The tweet from their Foreign Affairs Council has since been deleted. It’s becoming increasingly clear that it was a hack,” commented a user under the nickname Stats.
Popular crypto trader Ash Crypto noted that in 24 hours this scheme was implemented for three assets: CUBA itself, CUBA 2.0 and Justice for Cuba.
Did I get this right?
CUBA a whole COUNTRY launched a
memecoin today, pumped it to $30M
market cap, rugged it, then launched
Cuba coin 2.0 and rugged it then 3rd
Justice for Cuba coin and rugged that
one as well. Total 3 rugs in 24hrand Now they deleted all the tweets..
— Ash Crypto (@Ashcryptoreal) January 20, 2025
According to one of the commentators, the developers managed to release more than 10 coins.
However, some users are convinced that the Cuban authorities are really behind the “official” meme coin.
“So the Cuban government created and launched the CUBA meme token. It jumped to a market capitalization of $20 million in a matter of minutes, and then they implemented a rug pull — that is, they simply turned a brazen capitalist scam and outright stole all the investments,” wrote the author under the pseudonym Joel Richardson.
So, a meme crypto token was created and launched by the government of Cuba ($CUBA). It shot up to a $20 million market cap in minutes and then they pulled the rug out—meaning the Cuban government just pulled off a brazenly Capitalist scam and flat out stole everyone’s…
— Joel Richardson (@Joel7Richardson) January 20, 2025
At the time of writing, the capitalization of CUBA is $1.36 million. The trading volume reached $169 million.
Source: DEX Screener.
We will remind, on January 18, before his inauguration, the official meme token on Solana was launched by US President Donald Trump. His wife Melania’s coin, which appeared next, drew criticism from some parts of the community.
Memecoin traders had a ‘crazy weekend’ at Solana
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