Japan prime minister Sanae Takaichi disavows Solana meme coin after it crashes by 75%
Analysis
Price Impact
HighThe japanese prime minister's explicit disavowal of a solana-based meme coin, especially after its significant crash, creates negative sentiment around the token and potentially the broader solana ecosystem if the meme coin had significant adoption. this could deter new investors and lead to further selling pressure.
Trustworthiness
HighThe statement comes directly from the prime minister and is explicitly denying any knowledge or approval of the token, aiming to prevent public misunderstanding. this direct denial from a high-profile political figure carries significant weight and is likely accurate.
Price Direction
BearishThe disavowal directly targets a specific token, which has already crashed significantly. this event is likely to exacerbate the downward price pressure on the sanae token itself, and could have a spillover negative effect on other solana-based meme coins and potentially sol if investor confidence in the ecosystem is shaken.
Time Effect
ShortThe immediate impact of the prime minister's statement will be felt in the short term, likely over the next few days to weeks, as traders and investors react to the news and its implications for the token and the solana ecosystem.
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Finance Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Japan prime minister Sanae Takaichi disavows Solana meme coin after it crashes by 75% Japan’s prime minister says she has no knowledge of or involvement in a Solana-based meme token that briefly reached a $27.7 million market cap before tumbling. By Oliver Knight Mar 3, 2026, 10:24 a.m. Make us preferred on Google Japan prime minister disavows memecoin (DavidRockDesign/Pixabay) What to know : Sanae Takaichi said on X that she has “absolutely no knowledge” of SANAE TOKEN and that her office has not approved or been informed about the project. Data shows the Solana-based token peaked at around a $30 million market cap before falling to $6 million. On-chain data shows the top three addresses hold about 60% of the token supply, with notable inflows to leading wallets, raising concentration concerns. Japan’s economic security minister Sanae Takaichi said she has “absolutely no knowledge” of a Solana-based meme token bearing her name, after the cryptocurrency briefly surged to a market capitalization of around $30 million million. “I have heard that a cryptocurrency called SANAE TOKEN has been issued and is being traded to some extent,” Takaichi wrote on X . “Due to the name, it seems there are various misunderstandings, but regarding this token, I have absolutely no knowledge of it, nor has my office been informed about what this token entails. We have not given any approval whatsoever in this matter.” Her statement came after the token reached a market capitalization of $27.72 million before falling back to around $6 million. Onchain data cited by Wu Blockchain showed that the top three addresses held roughly 60% of the token’s supply, with several leading wallets recording notable inflows. This is not the first time a memecoin inspired by a political figure has caused a stir, with the LIBRA token initially framed as being backed by Argentina president Javier Milei , leading to political turmoil. Takaichi said she issued her statement “to ensure that the public does not labor under any misapprehensions,” distancing herself and her office from the project. Memecoin Japan Solana News More For You Tether taps Deloitte for first USAT reserve report By Francisco Rodrigues | Edited by Oliver Knight 51 minutes ago The report is a third-party attestation, which provides a snapshot of reserves at a specific point in time, rather than a full audit of the company's finances. What to know : Tether has released its first reserve report for its new U.S.-regulated stablecoin, USAT, which was reviewed by Deloitte and shows $17.6 million in reserve assets backing 17.5 million tokens. The report is a third-party attestation, which provides a snapshot of reserves at a specific point in time, rather than a full audit of the company's finances. The USAT token is designed to comply with new U.S. regulations, and Tether's stablecoin sector is growing rapidly, with a total market capitalization now over $315 billion, led by Tether's USDT and Circle's USDC. Read full story Latest Crypto News Tether taps Deloitte for first USAT reserve report 51 minutes ago Bitcoin falls below $67,000 as U.S. equities slide and oil pushes higher 1 hour ago OKX jumps into AI agent race with new OnchainOS toolkit 1 hour ago Core Scientific sells $175 million in bitcoin as AI pivot accelerates 1 hour ago Bitcoin supply approaching 20 million: The final million will take another 114 years to mine 1 hour ago Bitcoin climbs as BTC ETFs post one of the quarter’s biggest inflow days amid Iran volatility 4 hours ago Top Stories Vitalik Buterin unveils plan to curb Ethereum block builder centralization 15 hours ago Weekend warriors: How HyperLiquid became retail’s bear market playground 17 hours ago Bitcoin’s 5% spike higher Monday driven by short-covering, not fresh buying, says analyst 14 hours ago Battle for Bitcoin's soul opens as first block supporting 'clean-up' proposal is mined 17 hours ago Tom Lee's Bitmine boosts ether holdings to 4.47 million tokens with $98 million ETH purchase 19 hours ago Iranian crypto outflows jump 700% minutes after U.S.-Israeli airstrikes, Elliptic says 20 hours ago