Japan prime minister Sanae Takaichi disavows Solana meme coin after it crashes by 75%

Japan's Economic Security Minister, Sanae Takaichi, publicly stated she has "absolutely no knowledge" of a Solana-based meme token bearing her name, known as SANAE TOKEN, after it experienced a dramatic crash. The token had briefly achieved a market capitalization of nearly $30 million before plummeting to around $6 million, representing a significant drop. Takaichi clarified via X that neither she nor her office had been informed about the token or given any approval for its use. Onchain data suggested high concentration, with the top three addresses holding about 60% of the supply. This incident follows previous instances where political figures were associated with memecoins, such as the LIBRA token linked to Argentina's president, prompting Takaichi to issue the statement to prevent public misunderstanding.

(Source：CoinDesk)