Speculation has erupted on social media platform X (formerly Twitter) over claims that the Cuban government may be involved in a series of pump-and-dump schemes centered on Solana-based memecoins.
The controversy began with the launch of the CUBA memecoin, which was reportedly promoted by the Cuban Foreign Ministry’s official X account. However, shortly after the token’s launch and increase in market value, Cuba’s X account was locked from public view, further fueling the rumors.
It was reported that three different memecoins were launched from the account in a single day, and that they were later sold by the people who launched them, dumping the price.
Even more absurd, screenshots circulating online allegedly featured a fourth token called “CUBA 4.0,” suggesting a series of coins rushed into the market in an attempt to capitalize on the craze.
While the overall cryptocurrency market, including Bitcoin, has been experiencing gains ahead of US President Donald Trump’s inauguration, the memecoin sector has also seen increased activity. Tokens minted on Solana have been particularly active, including the Official Trump (TRUMP) memecoin, which briefly traded above $60 on Robinhood. Even Melania Trump has stepped up to the plate with her own memecoin launch.
According to DEX Screener, the original CUBA token reached a volume of $158.7 million before falling to a market cap of $4.3 million. The rapid decline and subsequent launch of similarly themed tokens, including “#1 Rugging Country” and “CUBA5,” appeared to mock the alleged schemes and fueled speculation that the X account may have been hacked.
*This is not investment advice.
