A cryptocurrency utilizing the identify 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 a press release posted on X, Takaichi stated she had no information of the “Sanae Token,” including that neither she nor her workplace had granted any approval associated to it. She stated the clarification was issued to stop public misunderstanding.
“As a result of identify, it appears there are numerous misunderstandings, however concerning this token, I’ve completely no information of it, nor has my workplace been knowledgeable about what this token entails,” she wrote.
In accordance 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 Companies Company (FSA) is reportedly contemplating investigating events concerned within the token’s issuance.
In accordance to Kyodo Information on Tuesday, the regulator is weighing a probe into associated operators to verify the related information. The FSA has not publicly introduced a proper investigation.
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The report stated the corporate concerned might lack the registration required to situation crypto property in Japan.
Below Japan’s Fee Companies Act, crypto asset alternate service suppliers should register with the FSA. Working with out correct registration can draw regulatory scrutiny, significantly the place client safety issues come up.
Political-name tokens draw scrutiny globally
Tokens referencing public figures have surfaced in a number of jurisdictions throughout current 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 introduced 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% under its peak.
In Argentina, the Solana-based Libra token sparked a world 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 under $0.20 inside hours, prompting allegations of a pump-and-dump scheme.
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