On-Chain Analysis Ties 47 Wallets to 16.8% of MAX Supply; 26 Bought in First Two Minutes

An on-chain analysis found a concentrated early holder base for Solana memecoin MAX, adding wallet-level detail after the token fell 86% following Elon Musk’s unfollow of its launch account.

The analysis grouped 47 wallets into eight clusters that acquired about 16.8% of the supply. Twenty-six of those wallets bought during the first two minutes after launch; the analysis does not specify when the others bought.

MAX reached a market capitalization of about $13 million within 48 hours of launch. Musk followed @ChainChomp131 on Tuesday, Nov. 10, when the account had about 5,000 followers. He later unfollowed the account, and MAX fell 86%.

The wallet findings add ownership detail to the earlier observation that MAX was 86.4% below its peak.