Account claiming ties to Elon Musk’s son launches Solana memecoin, hits $13M cap before crashing 86%
An X account claiming to represent Elon Musk’s son launched the Solana memecoin $MAX, which reached a $13 million market cap before collapsing 86% after Musk unfollowed the account.
The token, themed around a dog named Max, peaked at a $13 million market cap on November 11 or 12, 2026, before Musk unfollowed the account on X. The price then dropped 86%, erasing millions in value in a matter of hours.
The account, @ChainChomp131, claimed to represent Saxon James Musk, Elon Musk’s son, but the family has not confirmed or denied the connection. The Musk family’s silence left traders to rely on unverified assumptions about the token’s legitimacy.
The account deleted promotional posts about the coin, including a video urging buyers to “Have fun,” shortly after the price collapse. This move removed key marketing materials, leaving late investors with little to hold onto beyond the token itself.
Coordinated early buying
On-chain data reveals a coordinated launch strategy, with 47 wallets holding 16.8% of the $MAX supply. Of these, 26 wallets bought the token within the first two minutes of its release.
These early operators reportedly extracted around $2 million in profit before the price collapsed, while individual traders like @rasmr_eth and @Aurelius0121 reported losses of up to $50,000 each. The episode highlights the risks of memecoins with concentrated early holder bases.
The clearest lesson sits in the wallet data. When roughly a sixth of a token’s supply lands in coordinated hands within minutes of launch, later buyers are often providing the exit liquidity.
Rapid rise and fall
The token’s rise was swift, climbing to its $13 million peak within 48 hours of launch. The collapse came almost immediately after Musk unfollowed the account, puncturing the hype and exposing the token’s lack of fundamentals.
The episode underscores the volatility of memecoins tied to unverified claims and celebrity signals. With the Musk family’s identity claim unverified and the account’s promotional materials deleted, the token’s future remains uncertain.
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