Speculation grows over Cuba’s alleged meme coin activity

The controversy arose when the account seemingly promoted a token named ‘CUBA,’ which saw a rapid rise to a $30 million market cap before crashing.

Cuba flag is depicted on a sports cloth fabric with many folds. Sport team waving banner

The X account of Cuba’s Ministry of Foreign Affairs has been locked following allegations of promoting and profiting from several Solana-based meme coins. The controversy began when the account appeared to promote a token called ‘CUBA,’ sparking speculation about potential government involvement in the recent meme coin frenzy.

The CUBA token reportedly surged to a $30 million market cap before collapsing, with additional tokens like “Cuba Coin 2.0” and ‘Justice for Cuba Coin’ failing within a day. Screenshots also surfaced of another token, “CUBA 4.0,” further raising questions about hacking or misuse of the account. Whilst the Ministry’s X account briefly addressed “difficulties” before being deleted, no official statement has been issued.

Adding to the confusion, an X Space titled ‘Sorry from $CUBA,’ hosted by the account, included an apology from a person claiming to represent the Cuban government. The host initially denied wrongdoing but later made an erratic statement about a “million MC” before the Space was removed.

As the Ministry’s X account remains disabled and no clarification has been provided, the situation continues to fuel debate over the Cuban government’s potential connection to the meme coin drama.