Sanae Token, a Solana based token, has crashed roughly 75% from its peak after Japan’s Prime Minister Sanae Takaichi’s denied her involvement with it.
Another Politician Under The Memecoin FenzyOn a post made through the X social network on March 2, Japan’s Prime Minister Sanae Takaichi clarified that she has no affiliation with the so‑called “Sanae Token” and warned the public against assuming any official endorsement just because a coin uses her name or image: “I have absolutely no knowledge of this token, nor has my office been informed about what this token entails”, she stated, ending the post with the warning that she wants to make sure that the public is not misled, despite the Sanae Token website issuing a disclaimer explicitly stating that it is “not affiliated with or endorsed by Ms. Takaichi”.
SANAE TOKENという仮想通貨が発行され、一定の取引が行われていると伺いました。…
According to GMGN, the Solana-based meme token SANAE TOKEN briefly reached a market cap of $27.72 million before dropping to around $6 million. The top three addresses hold about 60% of the token supply, and many leading addresses show token inflow activity. Sanae Takaichi stated…
Sanae Token In The Solana Memecoin ContextSolana Token was announced on Feb 25 by Japanese entrepreneur Yuji Mizoguchi through NoBorder, a Youtube channel that focuses on political content. The project was launched at the peak of Solana’s memecoin frenzy with the objective to be an incentive for NoBorder’s “Japan is Back” project, aiming to “update democracy” with AI and Web3.
Built like many Solana narrative coins, it tried to tap into hype around Japan’s new prime minister and broader “political trade” memes. The name of the project comes from the slogan Takaichi’s inherited from the former PM, Shinzo Abe. NoBorder’s claim that the name “Sanae” is a symbol of a democratically elected leader rather than any formal government backing.
Takeaway For Traders
Cover image from ChatGPT, SOLUSDT chart from Tradingview
