Japan’s economic security minister Sanae Takaichi said she has “absolutely no knowledge” of a Solana-based meme token bearing her name, after the cryptocurrency briefly rose to a market capitalization of around $30 million.
“I have heard that a cryptocurrency called SANAE TOKEN has been issued and is being traded to some extent,” Takaichi wrote on
His statement came after the token reached a market capitalization of $27.72 million before falling back to around $6 million. Onchain data cited by Wu Blockchain showed that the top three addresses held approximately 60% of the token’s supply, with several leading wallets recording notable inflows.
This is not the first time that a memecoin inspired by a political figure has caused a stir, as the LIBRA token was initially presented as being backed by Argentina’s president, Javier Milei, sparking political upheaval.
Takaichi said she issued her statement “to ensure that the public does not labor under any misunderstanding,” distancing herself and her office from the project.
