# On-Chain Analysis Ties 47 Wallets to 16.8% of MAX Supply; 26 Bought in First Two Minutes By Enna Lee Canonical URL: https://www.tokenpost.com/news/investing/55725 Published: 2026-11-12T17:58:17.000Z Updated: 2026-11-12T17:58:17.000Z Section: Investing > MAX reached a market capitalization of about $13 million within 48 hours of launch. 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](). ## Links in this article - [the earlier observation that MAX was 86.4% below its peak](https://www.tokenpost.com/news/investing/54837)