The melamine resin used on particle board is not quite thick enough to make a fully water proof barrier. But it is quite moisture resistant and can be used in high humidity racks. I have even used melamine in racks I modified for a misting system. It was cheap melamine and it held up but I was probably pushing it about as far as it could go.
If you're buying your melamine from Home Depot (it's lower quality) I do recommend an additional barrier of some sort. Shellac is not a good choice, the main problem being is that it's not any more moisture resistant than the cheap melamine foil used on the Home Depot product. Additonally I'm guessing that the bond to melamine will be very poor. Very few sealers or adhesives stick to melamine. They even make a special glue for melamine.
If you want a brush or spray on product, by far your best choice is melamine paint, which I have seen for sale at Home Depot in the past.
Other choices include Jeremy's list. Another choice is Contact Paper or other self-adhesive shelf liner is an easy choice but the stuff is not quite the same as it used to be. Evidently consumers complained when they wanted to replace their shelf liner it was too difficult to pull off so the company not only made the adhesive weaker, they also made the film thinner since consumers were replacing it freqently. It should still work in a rack environment, however.
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Currently keeping:
6.10 Gonyosoma oxycephala (Javan, mixed colors)
1.1 Philodryas baroni
1.0 Rhodesian Ridgeback