Japan’s Economic Security Minister Sanae Takaichi said she had “absolutely no knowledge” of a Solana-based meme token bearing her name, after the cryptocurrency briefly reached 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 cap of $27.72 million before falling back to around $6 million. Onchain data cited by Wu Blockchain showed that the top three addresses held around 60% of the token supply, with several top wallets seeing notable inflows.
This is not the first time a memecoin inspired by a political figure has caused a stir, with the LIBRA token initially touted as being backed by Argentine President Javier Milei, causing political unrest.
Takaichi said she released her statement “to ensure that the public does not harbor any misunderstanding,” distancing herself and her office from the project.
