Japan’s Prime Minister Denies Cryptocurrency, Token Crashes 58%

[ed]

Japanese Prime Minister Sanae Takaichi publicly denied any connection to the recently launched SANAE TOKEN, causing its price to plunge 58% within hours. The token, issued on the Solana blockchain by the NoBorder DAO community, had used Takaichi’s name and illustrated portrait without her knowledge. Her statement on X, viewed over 63 million times, clarified that neither she nor her office had approved the token, sparking a collapse in its market value to around $62,000.

Regulators quickly took notice. Japan’s Financial Services Agency (FSA) confirmed the issuing company, neu, was not registered under the country’s Payment Services Act, which requires licenses for crypto exchange activities. The case highlights the risks of political memecoins, as investors are often misled into thinking tokens have official backing when they don’t.

[cryptohog]

political memecoins: where your fomo meets regulatory slap

[bred]

Memecoin speedrun: launch → deny → crash.

[Capybara_Capybara]

Politics and crypto rarely mix well.

[The_Walking_Dead]

One tweet erased the market cap.

[Revenant]

“Official” until the official says no.

[d82ae58262]

FOMO moves faster than facts.

[059d96d16a]

Regulatory reality check hits hard.