Malone meme token skyrockets on debut

Malone Lam is back in the spotlight this time as a popular meme that has become one of the most traded pairs on decentralized exchanges.

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

Malone was trading at around $0.0006712, up about 927% in the last 24 hours. However, it previously reached $0.0017713 on Raydium, the largest DEX platform on Solana. Dexscreener shows it reaching $0.000506 on Moonshot.

What is a Malone nozzle?

Remember the 20-year-old Singaporean who was arrested in the US for a $230 million Bitcoin (BTC) scam? His name is Malone Lam.

The Federal Bureau of Investigation arrested Lam, along with 21-year-old Jeandiel Serrano, for fraud and money laundering after blockchain detective ZachXBT exposed them as the masterminds behind a $230 million crypto theft scheme. A third man accused of fraud, Veer Chetal, had not been arrested at the time.

Malone is a token that was created as a meme based on the Malone Lam story on September 24. Many investors jumped on the trade for quick profits, and community comments included a desire to increase Lam’s market value by $230 million, which he is accused of stealing.

It’s also worth noting that some buyers say they bought the fakes not because they support the scam, but because Malone Lam is “a total meme.”