Who folds QQ pre-flop here

[talcum]

I'm sure this starting hand has been discussed ad-nauseum on this board but I wonder if I could get some advice on my play here.

I was UTG+1 with QQ in Party $25NL (with new blind structure last night), UTG folds, I raise to $2, MP1 calls, MP2 raises to $3.75, CO raises to $10, folded to me. This was my 5th or 6th hand at the table, CO had raised large a few hands ago and showed down AA.

I folded. It was $8 to me with about $18 in the pot. Was this a mistake? (everyone else folded so I have no idea what he had)

What about the original raise, it was 8x BB but I was in bad position and feel like if I raise to $1, it doesn't do a lot of good.