A cryptocurrency using the name of Japanese Prime Minister Sanae Takaichi briefly rose to a market value of nearly $27.7 million, before plummeting after Takaichi publicly denied any association with the token.
In a statement published on X, Takaichi said he had no knowledge of the Sanae Token, adding that neither he nor his office had made any related confirmations. He said that this explanation was given in order to prevent people from misunderstanding.
“Based on the name, it seems that there are various misunderstandings, but about this sign, I have absolutely no information about it, and my office is not aware of what this sign means,” he said.
Solana-based crypto token briefly hit $27.7 million in market capitalization on February 25, according to crypto data tracker Gmgn. After Takaichi’s rejection, its price and market value plummeted. At the time of writing, the token’s market capitalization is about $7 million.
The FSA is considering a sign investigation
According to reports, Japan’s Financial Services Agency (FSA) is considering reviewing the parties involved in the token issuance.
According to a Kyodo News report on Tuesday, the regulator is investigating the related operators to confirm the relevant facts. The FSA has not announced a formal investigation.
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The report states that the company involved may not be registered to issue crypto assets in Japan.
According to Japan’s Payment Services Law, crypto asset exchange service providers must register with the FSA. Operating without proper registration can attract regulatory scrutiny, particularly where consumer protection concerns arise.
Political name signs are gaining attention around the world
Tokens referencing public figures appeared in a number of jurisdictions during periods of market speculation.
In the US, tokens referencing President Donald Trump are periodically drawn before the president announces an official token.
On January 17, 2025, Trump’s team announced the launch of an official Trump meme. The token briefly rose to around $73 before falling sharply. At the time of writing, it is around $3.40, about 95% below its peak.
In Argentina, the Libra sign in Solana caused an international scandal in February 2025, after President Javier Miley promoted it in X shortly after its launch.
On February 18, 2025, the token soared above $4.50 for a few minutes before falling below $0.20 within hours, prompting allegations of a pump-and-dump scheme.
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