A cryptocurrency utilizing the title of Japanese Prime Minister Sanae Takaichi briefly surged to a market worth of about $27.7 million earlier than sliding sharply after Takaichi publicly denied any connection to the token.
In an announcement posted on X, Takaichi mentioned she had no data of the “Sanae Token,” including that neither she nor her workplace had granted any approval associated to it. She mentioned the clarification was issued to forestall public misunderstanding.
“Because of the title, it appears there are numerous misunderstandings, however relating to this token, I’ve completely no data of it, nor has my workplace been knowledgeable about what this token entails,” she wrote.
According to crypto information tracker Gmgn, the Solana-based crypto token briefly reached a market capitalization of $27.7 million on Feb. 25. Following Takaichi’s denial, its value and market cap declined sharply. On the time of writing, the token’s market capitalization stood at about $7 million.
FSA considers investigating the token
Japan’s Monetary Providers Company (FSA) is reportedly contemplating investigating events concerned within the token’s issuance.
According to Kyodo Information on Tuesday, the regulator is weighing a probe into associated operators to substantiate the related info. The FSA has not publicly introduced a proper investigation.
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The report mentioned the corporate concerned might lack the registration required to situation crypto belongings in Japan.
Beneath Japan’s Payment Services Act, crypto asset trade service suppliers should register with the FSA. Working with out correct registration can draw regulatory scrutiny, notably the place shopper safety issues come up.
Political-name tokens draw scrutiny globally
Tokens referencing public figures have surfaced in a number of jurisdictions throughout latest speculative market cycles.
Within the US, tokens referencing President Donald Trump have periodically gained traction earlier than the president introduced an official token.
On Jan. 17, 2025, Trump’s crew announced the launch of an official Trump memecoin. The token briefly rose to about $73 earlier than declining sharply. On the time of writing, it trades round $3.40, roughly 95% beneath its peak.
In Argentina, the Solana-based Libra token sparked an international scandal in February 2025 after President Javier Milei promoted it on X shortly after launch.
On Feb. 18, 2025, the token surged above $4.50 inside minutes earlier than crashing beneath $0.20 inside hours, prompting allegations of a pump-and-dump scheme.
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