Fake Saxon James Musk account launches Solana memecoin before 86% crash
An X account impersonating Elon Musk’s son Saxon James Musk launched a Solana memecoin named $MAX that reached a $13 million market cap before plunging 86% when Musk unfollowed the profile.
An X account claiming to be Elon Musk’s son Saxon James Musk launched a Solana-based memecoin named $MAX, driving the token to a peak market capitalization reported between $10 million and $13 million before collapsing 86%. The token was launched under the premise of being inspired by the Musk family's dog.[1][2][3]
Musk initially followed the handle @ChainChomp131 on November 10, fueling rapid attention. Although the account previously posted that it would not support crypto scams, it launched the token roughly 48 hours later alongside a six-second video captioned "Have fun."[1][3]
According to reporting by SolanaFloor, the launch involved coordinated insider activity: 47 wallets across eight bundled clusters amassed 16.8% of the token supply, while 26 sniper wallets purchased within the first two minutes. The operators extracted roughly $2 million in profits. After Musk unfollowed the account, the operator deleted the token posts and video as the price plummeted, leaving buyers with sharp losses, including two traders who each lost $50,000 within minutes.[1][3]
Key facts
- An X account impersonating Elon Musk's son Saxon James Musk launched a Solana memecoin called $MAX.
- Elon Musk followed the account on November 10, roughly 48 hours prior to the token's launch.
- The token reached a peak market cap between $10 million and $13 million before tumbling 86%.
- Forty-seven wallets across eight bundled clusters took 16.8% of the supply, and operators extracted approximately $2 million.
- Twenty-six sniper wallets bought into the memecoin within the first two minutes of trading.
- After Musk unfollowed the profile, the account deleted its promotional posts and video.
- Traders @rasmr_eth and @Aurelius0121 each lost $50,000 within minutes after buying near the peak.
Sources · 3 sources
- SO
SolanaFloor@SolanaFloorPost on X ·
🚨NEW: An X account impersonating @elonmusk’s son launched a Solana memecoin yesterday that hit a $13M market cap, then crashed 86% after Musk unfollowed it. @ChainChomp131, with 5,000 followers, claimed to be Saxon James Musk. Musk followed it on November 10. Around 48 hours later, the account launched solana:5qaP7oKUqKffwwo5DaEqDoTtsBLMpdbQTxEkCDaTpump, supposedly inspired by the family’s dog, and posted a “Have fun” video. 47 wallets across eight bundled clusters accumulated 16.8% of the supply, while 26 sniper wallets bought within the first two minutes. The operators approximately extracted $2M. After Musk unfollowed, the account deleted the video and token posts. Traders @rasmr_eth and @Aurelius0121 lost $50K each within minutes after topblasting the coin.
Open source - CB
Crypto BriefingArticle ·
Account claiming ties to Elon Musk’s son launches Solana memecoin, hits $13M cap before crashing 86% The incident highlights the volatility and risks in memecoin markets, emphasizing the need for due diligence and skepticism of unverified claims. The post Account claiming ties to Elon Musk’s son launches Solana memecoin, hits $13M cap before crashing 86% appeared first on Crypto Briefing .
Open source - JU
jussy@jussy_worldPost on X ·
Imagine you are @elonmusk fake son - You run a random account with 800 followers - Dad follows you (Elon) - You wake up with 34K followers and put “Saxon James Musk” in the bio - You post “I will not be supporting any crypto scams” then launch a coin for your dog $MAX - You drop a 6-second “Have fun” video that looks AI (pics from 2022) - The coin gets bundled at launch and runs to over $10M mcap - People ape it hard (one guy throws $78k) - Then Dad unfollows you - You delete the video + posts, coin dumps 86% Another day of trenches getting scammed, this time by a fake Musk
Open source