Japan's Financial Safety Minister Sanae Takaichi stated she had “no data” of the Solana-based meme token that bears her title, after the cryptocurrency briefly soared to a market capitalization of about $30 million.
Mr. Takaichi wrote to X, “I’ve heard {that a} digital forex known as SANAE TOKEN has been issued and is being traded to some extent.Plainly there are numerous misunderstandings resulting from its title, however I’ve no data of this token in any respect, and I’ve not obtained any reviews from my workplace relating to the contents of this token.Our firm has not given any approval relating to this matter.''
Her assertion got here after the token's market capitalization reached $27.72 million after which fell to round $6 million. On-chain information cited by Wu Blockchain exhibits that the highest three addresses account for round 60% of the token provide, with a number of massive wallets recording notable inflows.
This isn’t the primary time a meme coin impressed by a politician has brought on an uproar; the Libra token was initially linked to being backed by Argentine President Javier Millei, resulting in political turmoil.
Takaichi issued an announcement saying he distanced himself and his workplace from the mission “to stop the general public from working below misunderstandings.”
