MAX plunges 86.4% after Musk unfollows X account
Solana meme coin MAX fell 86.4% from its peak after Elon Musk unfollowed an X account suspected of belonging to his son, Saxon. The account’s ownership remains unverified.
MAX, a Solana-based meme coin, fell 86.4% from its peak on November 12 after Elon Musk unfollowed an X account suspected of belonging to his son, Saxon James Musk. The account’s ownership and its connection to Saxon have not been verified.
The account, @ChainChomp131, became associated with MAX’s launch in the early hours of November 12. MAX’s market capitalization briefly exceeded $13 million before Musk unfollowed the account. The token then declined sharply.
Musk followed @ChainChomp131 on November 10, according to onchain analyst ai_9684xtpa. The account had about 5,000 followers at the time. It was suspected of being operated by Saxon, but no evidence has confirmed who owns or operates it.
The timing of the unfollow and MAX’s decline does not establish that Musk’s action caused the price drop. The account’s connection to the token and its effect on trading activity also remain unclear.
A wallet identified as 9BMzT…FQdLU made 53 purchases totaling 9.4 million MAX and spent about $72,800 without recording any sales. Its remaining holdings were valued at approximately $18,800, leaving an unrealized loss of about $53,900.
The wallet’s average purchase price was $0.00773, compared with MAX’s quoted price of $0.001863. According to ai_9684xtpa, the wallet lost about 70% of its investment value within five hours while continuing to buy MAX as its price fell.
MAX launched on Solana on November 12.
Reviewed and fact-checked by Alex Panasenko on November 12.
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