The crypto market was shaken by allegations surrounding a pump-and-dump scheme involving Solana meme cash allegedly linked to the Cuban authorities. The ‘CUBA’ meme coin, launched unexpectedly, initially reached a market capitalization of $30 million earlier than its abrupt disappearance raised issues.
Solana Meme Coin Linked to Cuba Sees $30M Cap Earlier than Disappearance
In accordance with recent reports, a Solana meme coin named ‘CUBA’ quickly gained consideration, hitting a $30 million market cap shortly after its launch. The sudden token launch raised hypothesis about its authenticity, with buying and selling volumes surpassing $158.7 million in hours. Nevertheless, the coin’s sudden disappearance left traders grappling with unanswered questions.
The short rise and fall of the token have drawn criticism from the crypto group. Buyers are questioning whether or not the launch was an try to control top meme coin, with some linking the exercise to Cuban state entities. Nevertheless, no official statements have clarified the allegations.
It’s price noting that the brand new President, Donald Trump, has ventured into the crypto enviornment by launching his Solana meme coin. As he was sworn in for his second time period, the TRUMP meme coin market cap soared to a powerful $10 billion. This daring transfer displays Trump’s ongoing curiosity in digital currencies.
Cuban Authorities Allegedly Linked to Rug-pulls
Extra so, the Cuban-linked meme coin on Solana has sparked skepticism following allegations of rug-pull schemes. Experiences point out that three tokens, together with the ‘CUBA’ memecoin, had been launched in fast succession. Every token reportedly gained traction earlier than collapsing, with losses amounting to tens of millions of {dollars}.
Extra so, in response to studies, the official X account of Cuba’s Ministry of International Affairs, which allegedly promoted these tokens has been locked. This growth has added to the controversy, with traders suggesting potential state involvement. Specialists are additionally investigating whether or not hackers compromised the account in the course of the token promotion interval.
Scrutiny Grows Amid Meme Coin Tendencies
The surge in Solana meme coin exercise has drawn consideration to the broader market’s vulnerability to speculative launches. The controversy surrounding the ‘CUBA’ token follows a development of high-risk investments in meme cash.
Extra so, the latest launch of the Official Trump memecoin, which gained widespread consideration for its fast worth swings. Whereas the Trump meme coin noticed notable adoption, the fallout from rug pulls has amplified the decision for oversight.
Moreover, Mark Cuban critiqued the latest meme coin development, significantly concentrating on the TRUMP memecoin for its potential to undermine the crypto market. He emphasised the battle of curiosity and regulatory dilemmas posed by a sitting President selling such an asset.
Nevertheless, regardless of the allegations of regulatory scrutiny and market manipulation, Robinhood has added the TRUMP meme coin to its buying and selling platform. This inclusion boosts investor curiosity and helps legitimize meme cash within the monetary ecosystem.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with 4 years {of professional} expertise, having contributed considerably to numerous media shops on cryptocurrency tendencies and applied sciences. With over 4000 printed articles throughout varied media shops, he goals to tell, educate and introduce extra individuals to the Blockchain and DeFi world. Exterior of his journalism profession, Ronny enjoys the fun of motorbike driving, exploring new trails and landscapes.
Disclaimer: The introduced content material might embody the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty on your private monetary loss.
