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 surged to a market cap 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 X. “Because of the name, it seems that there are various misunderstandings, but regarding this token, I have absolutely no knowledge of it, nor has my office been informed of what this token entails. We have not given any approval in this matter at all.”
Her 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’s supply, with several leading wallets recording notable inflows.
This is not the first time a memecoin inspired by a political figure has caused a stir, with the LIBRA token initially framed as being endorsed by Argentina’s President Javier Milei, leading to political unrest.
Takaichi said she issued her statement “to ensure the public is not laboring under any misunderstanding,” and distanced herself and her office from the project.
