- MAX fell 86.4% from its peak after Musk unfollowed an account suspected of belonging to his son.
- MAX’s market cap briefly exceeded $13 million following its launch on November 12.
- One wallet spent $72,800 on 9.4M MAX, recording a $53,900 unrealized loss across 53 buys.
MAX fell 86.4% from its peak after Elon Musk unfollowed an X account suspected of belonging to his son, Saxon. On November 12, the account became associated with the launch of the Solana meme coin MAX, whose market capitalization briefly exceeded $13 million. However, the account’s identity and its connection to Saxon remain unverified.
Account’s Identity Remains Unverified
On November 10, Musk followed the X account @ChainChomp131, according to reports citing onchain analyst ai_9684xtpa. The account had approximately 5,000 followers and was suspected of belonging to Musk’s son, Saxon James Musk. However, no confirmation has established who operates the account.
In the early hours of November 12, the account became associated with the launch of MAX, a Solana-based meme coin. Its market capitalization briefly exceeded $13 million before Musk unfollowed the account. MAX subsequently fell 86.4% from its peak.
The account’s connection to Saxon remains unverified. Although the timing of Musk’s unfollow coincided with the token’s sharp decline, the available information does not establish that the unfollow directly caused the price drop.
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Wallet Continues Buying During the Decline
Wallet 9BMzT…FQdLU made 53 purchases totaling 9.4 million MAX, spending approximately $72,800 without recording any sales. Its remaining holdings were valued at $18,800, leaving an unrealized loss of approximately $53,900.
The wallet’s average purchase price was $0.00773, significantly above MAX’s quoted price of $0.001863. According to onchain analyst ai_9684xtpa, the wallet lost approximately 70% of its investment value within five hours.
The trading activity shows that the wallet continued accumulating MAX as its price declined, leaving it with a substantial unrealized loss.
This highlights how perceived associations with prominent figures can attract speculative interest in meme coins, while sudden changes in sentiment can leave traders facing steep losses. Although Musk’s unfollow coincided with MAX’s decline, the account’s ownership remains unverified, and the extent of its influence on the token’s price is unclear.
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