Meme Coin MAX market cap once surpassed $13 million before crashing 86%, leaving one trader with a $53,900 loss over five hours.

Per TechFlow, on November 12, monitoring by Ai Yi revealed that Musk had previously followed an X account with approximately 5,000 followers suspected to belong to his son, Saxon, @ChainChomp131. Following this, the Meme coin MAX was launched early today, briefly surpassing a market capitalization of $13 million.

After Musk unfollowed the account, MAX's price dropped 86.4% from its peak.

On-chain data indicates that wallet 9BMzT…FQdLU purchased during MAX's upward movement and continued to add positions during the decline, accumulating approximately $72,800 in total. It now faces unrealized losses of roughly $53,900, having seen its holdings shrink by about 70% in just five hours.

The connection between the account and Musk's son remains unverified at this time.