Japan’s prime minister, Sanae Takaichi, has publicly denied any link to a Solana-based cryptocurrency that briefly gained traction in online markets.
The token, branded SANAE TOKEN, climbed rapidly in value before retreating within hours.
Its market capitalisation touched nearly $30 million at its peak, drawing attention across crypto trading platforms and social media.
Takaichi said she had no knowledge of the project and that neither she nor her office had approved or endorsed the token in any way.
Her statement was posted on X after reports of the token’s sharp rise and equally swift decline began circulating.
Token volatility and onchain concentration
According to blockchain data cited by Wu Blockchain, SANAE TOKEN reached a market capitalisation of $27.72 million before falling back to around $6 million.
On-chain records showed that the top three wallet addresses controlled roughly 60% of the token’s supply.
Several leading addresses recorded significant inflows during the surge.
The token was built on Solana, a network often associated with fast transaction speeds and low fees.
Solana has also become a popular platform for launching meme tokens, many of which experience extreme short-term volatility driven by online attention rather than formal backing.
Minister issues public clarification
Takaichi said she had heard that a cryptocurrency named SANAE TOKEN had been issued and was being traded to some extent.
She noted that confusion appeared to stem from the use of her name.
She stated that she had absolutely no knowledge of the token and that her office had not been informed about its details.
She also said no approval had been granted in any form.
Her post on X emphasised that the clarification was intended to prevent the public from operating under misunderstandings.
The message sought to clearly separate her official position from the digital asset project.
Political memecoins resurface
The episode echoes previous incidents in which tokens inspired by political figures triggered speculation and controversy.
Earlier, the LIBRA token was initially presented as being linked to Argentina president Javier Milei.
The association led to political turmoil after questions emerged about the nature of the token and its promotion.
Such cases underline how digital assets branded around public figures can generate rapid attention.
In many instances, perceived affiliations or assumptions spread quickly online, even when no formal connection exists.
In Takaichi’s case, the clarification followed a period of intense trading activity.
The rapid shift from a near $30 million valuation to about $6 million illustrates the speed at which speculative tokens can rise and fall.
While meme tokens often rely on viral momentum, the involvement of a political name can add a layer of complexity.
Takaichi’s statement aimed to address that concern directly, reinforcing that neither she nor her office had authorised or supported the Solana-based token bearing her name.
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