- Malone's rise on exchanges
- Who is Malone Lam?
- Reasons for Malone’s popularity
Malone Lam has caught the attention of the crypto community by becoming one of the top trading pairs on decentralized exchanges due to its rapid growth.
Malone's rise on exchanges
According to on-chain data, the Malone/Solana (SOL) trading pair on the Raydium DEX skyrocketed 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.
Who is Malone Lam?
Malone Lam is a 20-year-old Singaporean who was arrested in the U.S. over a $230 million Bitcoin scam. The Federal Bureau of Investigation arrested Lam along with Jeandiel Serrano for fraud and money laundering after a blockchain investigation exposed them as the masterminds behind the $230 million crypto theft scheme. A third individual, Veer Chetal, had not been arrested at the time. Malone is a token created on September 24 as a meme based on the story of Lam.
Reasons for Malone’s popularity
Many traders have jumped into trading the token for quick gains, noting that they want to push its market cap to the $230 million value that Lam is accused of stealing. Some buyers claim they are not participating because they support the fraud but because Malone Lam is “literally a meme.”
Malone Lam continues to be in the spotlight, showcasing how memes can quickly gain popularity and attract significant trading volumes on cryptocurrency exchanges.
