The meme coin MAX plunged 86.4% from its peak after Elon Musk unfollowed the X account @ChainChomp131, which is suspected to belong to his son Saxon. The token's market cap briefly exceeded $13 million before collapsing following the unfollow event. On-chain analyst Ai Yi reported that Musk had followed the account—previously holding only 5,000 followers—two days prior to the launch. One whale address invested $72,800 chasing the initial rally and now faces a $53,900 loss, representing a 70% drawdown within five hours.