Malone meme token skyrockets on debut

Malone Lam is trending, this time as a hot meme that has risen to become one of the top trading pairs on decentralized exchanges.

According to on-chain data, the Malone/Solana (SOL) trading pair on the Raydium DEX skyrocked more than 1,000% in 24 hours. The meme traded as a top DEX pair on Solana, hitting 24-hour volume of over $4.4 million. Its market cap stood at $751,000.

Malone was trading at around $0.0006712, up about 927% in the past 24 hours. However, it previously hit a high of $0.0017713 on Raydium—the largest DEX platform on Solana. Dexscreener shows it hit $0.000506 on Moonshot.

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What is Malone meme?

Remember the 20-year old Singaporean teen arrested in the U.S. over a $230 million Bitcoin (BTC) scam? Malone Lam is his name.

The Federal Bureau of Investigation arrested Lam along with Jeandiel Serrano, 21, for fraud and money laundering after blockchain sleuth ZachXBT exposed them as the masterminds behind the $230 million crypto theft scheme. A third individual indicted in the swindle, Veer Chetal, had not been arrested at the time.

Malone is a token created on Sept. 24 as a meme based on the Malone Lam story. Many traders have jumped into the trade for quick gains, with community commentary including a desire to push its market cap to the $230 million value that Lam is accused of stealing.

Also notably, some buyers say they are aping in not because they support the fraud, but because Malone Lam is “literally a meme.”

Read more: Bitcoin set for potential breakout this week

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