Melamine in this part of the country is more like low density particle board covered with a thin plastic laminate. The edge of a piece of Melamine looks like it's made of compressed sawdust, MDF looks more like compressed cardboard pulp. I'm not sure one is better than the other when it comes to moisture resistance. I've seen both fall apart with a little moisture but I don't think it happens as easily some people want you to believe. I used Melamine to bulid a stand for my 29g, it's held up pretty good but I am careful to clean up any water that drips onto the stand.
If you can afford plywood it's probably superior, and in some cases easier to work with, it will hold screws better, resist moisture a little better and might finish a little nicer if you get a good grade.
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