Solana Meme Coin SANAE TOKEN Scandal: Creator Says ‘Not a Single Yen Earned’ as Japan PM Denies Link

The post Solana Meme Coin SANAE TOKEN Scandal: Creator Says ‘Not a Single Yen Earned’ as Japan PM Denies Link appeared first on Coinpedia Fintech News

Another Solana meme coin tied to a world leader just blew up, and not in the way its creators hoped.

Japan’s Prime Minister Sanae Takaichi has publicly denied any connection to SANAE TOKEN, a Solana-based meme coin that briefly surged to a $27.72 million market cap before collapsing to around $6 million.

Japan PM Issues Statement on X

She added that she issued the statement “to ensure that the public does not labor under any misapprehensions.”

Within four hours of her post, the token’s value dropped more than 50%.

Who Created SANAE TOKEN?

The token was announced on February 25 by NoBorder, a YouTube channel run by Japanese entrepreneur Yuji Mizoguchi. It was positioned as an incentive token for a project called “Japan is Back,” a slogan Takaichi inherited from her mentor, former Prime Minister Shinzo Abe.

NoBorder said it chose the name because “sanae” symbolizes “a democratically elected leader.”

The token’s website does carry a disclaimer saying it is not affiliated with or endorsed by Ms. Takaichi. But the project drew criticism on social media, with users calling it misleading.

Creator Denies Profiting From the Token

NoBorder founder Yuji Mizoguchi responded to the controversy on X, stating, “We have not earned even a single yen in revenue from this matter.”

He acknowledged receiving significant backlash but pushed back against the pile-on.

“I’m not running this business to cut out my colleagues,” he wrote. “As a manager, I need to clarify the facts and where responsibility lies. We should face this not with emotions, but with facts.”

Mizoguchi also addressed delays in his public response, saying fact-checking and coordination with various parties were taking time.

On-Chain Data Raises Red Flags

According to GMGN data, the top three wallet addresses hold roughly 60% of the token’s supply. Multiple leading addresses showed significant token inflow activity, raising concentration concerns.

At the time of writing, SANAET is trading at $0.0075 with a market cap of around $7.5 million, down over 44% in the last 24 hours. The token has just 947 holders and less than $400K in liquidity backing it, according to DEXTools data.

Political Meme Coins Keep Crashing

This is not the first time a Solana meme coin linked to a political figure has caused turmoil.

Argentina’s President Javier Milei faced intense backlash after the LIBRA token, initially framed as having his backing, surged to a $4.5 billion valuation before crashing over 95%. That controversy triggered a federal investigation and a class action lawsuit.

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Takaichi’s case is different. Unlike TRUMP or LIBRA, her involvement was never claimed by anyone with authority. The token was created entirely without her knowledge or consent, yet it still managed to reach a multimillion-dollar valuation before reality caught up.