Meme coin MAX's market cap briefly exceeded USD 13 million before plunging 86%, with one trader losing USD 53,900 in 5 hours

According to TechFlow, on November 12, monitoring by Ai Yi showed that Elon Musk had previously followed X account @ChainChomp131, which had about 5,000 followers and was suspected to belong to his son Saxon. Subsequently, meme coin MAX was launched in the early hours of today, and its market cap briefly exceeded USD 13 million.

As Musk unfollowed the account, MAX's price has fallen 86.4% from its peak.

On-chain data shows that address 9BMzT…FQdLU bought during MAX's price rise and continued to add to the position during the decline, investing about USD 72,800 in total. The position currently has an unrealized loss of about USD 53,900, with assets shrinking by about 70% in just 5 hours.

The connection between the account and Musk's son has not yet been confirmed.

Source: TechFlow