Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Japan’s Prime Minister Sanae Takaichi distances herself from Solana meme coin following a 75% decline.
Japan’s prime minister states she has no awareness of or connection to a Solana-based meme token that briefly attained a $27.7 million market capitalization before declining.
Japan prime minister disavows memecoin (DavidRockDesign/Pixabay)
What to know:
- Sanae Takaichi stated on X that she has “absolutely no knowledge” of SANAE TOKEN and that her office has not sanctioned or been notified about the initiative.
- Data indicates the Solana-based token peaked at approximately a $30 million market cap before dropping to $6 million.
- On-chain statistics reveal that the top three addresses control about 60% of the token supply, with significant inflows to primary wallets, heightening concerns over concentration.
Related Posts
Japan’s economic security minister Sanae Takaichi remarked she has “absolutely no knowledge” of a Solana-based meme token associated with her name, following the cryptocurrency’s brief rise 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 posted on X. “Due to the name, it seems there are various misunderstandings, but regarding this token, I have absolutely no knowledge of it, nor has my office been informed about what this token entails. We have not granted any approval whatsoever in this matter.”
Her comments were made after the token achieved a market capitalization of $27.72 million before reverting to approximately $6 million. On-chain data referenced by Wu Blockchain indicated that the top three addresses held about 60% of the token’s supply, with numerous leading wallets experiencing significant inflows.
This is not the first instance of a memecoin inspired by a political figure creating a stir, as the LIBRA token was initially presented as being backed by Argentina president Javier Milei, resulting in political upheaval.
Takaichi expressed that she released her statement “to ensure that the public does not labor under any misapprehensions,” distancing herself and her office from the initiative.
