Does everyone raise this weak lead on the flop? Or do we fold preflop? I have no reads, new to the table. Plus this happens to be a full ring table.

No Limit Holdem Ring game
Blinds: $0.25/$0.50
8 players


Stack sizes:
UTG: $40.05
TableTiger1: $48.75
MP1: $37.50
MP2: $121.50
CO: $46.55
Button: $16.50
SB: $19.65
BB: $12.95

Pre-flop: (8 players) TableTiger1 is UTG+1 with
UTG folds, TableTiger1 raises to $2, MP1 folds, MP2 calls, CO raises to $5.5, 3 folds, TableTiger1 calls, MP2 folds.

Flop: ($13.75, 2 players)
TableTiger1 checks, CO bets $2, TableTiger1 raises to $13, CO calls.

Turn: ($39.75, 2 players)
TableTiger1 bets $30, CO calls all-in $28.05.
Uncalled bets: $1.95 returned to TableTiger1.