The cryptocurrency market has once again witnessed a project attempting to attract investors by leveraging the name of a prominent political figure. This time, a token branded as SANAE TOKEN drew attention until an official statement clarified the situation. In a post shared on X, Prime Minister Takaichi stated that neither she nor her office had been informed about the token and that she had not given any approval or endorsement to the initiative.
At the time of the statement, the token’s market capitalization was approaching the $30 million mark. Following the denial, however, intense selling pressure emerged and the market value quickly fell to around $6 million. As a result, the project lost nearly 75% of its value from its peak.
On-chain data further fueled concerns among investors. Approximately 60% of the total supply was reportedly concentrated in the top three wallets, raising questions about potential manipulation risks. Similar volatility was previously seen in the LIBRA token, which was allegedly linked to Argentine President Javier Milei. Takaichi emphasized that she wanted to prevent public misunderstanding and urged investors to exercise caution regarding such projects.
