Speculation ran rampant on X on Monday that the Cuban government may have pumped and dumped a Solana memecoin.
However, shortly after the CUBA memecoin launched on Solana, the X account for Cuba's Ministry of Foreign Affairs — the same handle that appeared to promote the token — was locked from public view. One popular crypto voice on X said multiple tokens had been launched.
"Cuba a whole country launched a memecoin today, pumped it to $30 million market cap, rugged it, then launched Cuba coin 2.0 and rugged it, then third Justice for Cuba coin and rugged that one as well," crypto trader @Ashcryptoreal, who has 1.5 million followers, posted to X on Monday. "Total three rugs in 24 hours and now they deleted all the tweets."
In a funny twist, one of the screenshots circulating online shows that the third alleged memecoin was called "CUBA 4.0."
As the broader crypto market, including bitcoin, performed well ahead of U.S. President Donald Trump’s taking office on Monday, memecoins, especially those launched minted on Solana, have also been on the uptick. At one point, the Official Trump (TRUMP) memecoin was made available on Robinhood and the price of the token rose above $60. Trump's wife, Melania Trump, also launched a memecoin.
According to DEX Screener, the initial Cuba token has seen lifetime trading volumes of $158.7 million since launching and a current market cap of $4.3 million.
It is possible that Cuba's Ministry of Foreign Affairs' X may have been hacked. The ministry didn't immediately respond to a request for comment. Several Cuba-themed memecoins like "#1 rugging country," "CUBA5" and "@Cuba Hacked" were launched in recent hours, apparently referencing the social media speculation.
As of 1:02 p.m. the ministry's X account appeared to be disabled.
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