The controversy surrounding the cryptocurrency “SANAE TOKEN” continues to spread.
Suspicions have arisen that it improperly used the name and image of former Prime Minister Sanae Takaichi, prompting the Financial Services Agency to investigate the matter.
This article explains the background of the controversy and the veracity of the reported “total damages of 2.5 billion yen,” incorporating insights from former economic magazine editors Kenichi Ogura and Yusuke Yamano.
Prime Minister Takaichi Denies Involvement on Official X, Price Plummets
At the end of February 2026, “Sanae Token” was issued by a project led by a specific YouTube channel.
The price surged temporarily after the official website featured an illustration of Prime Minister Takaichi and promoted the token as if it were “officially endorsed by the Prime Minister.”
However, the situation took a sudden turn on March 2nd.
- Prime Minister Takaichi’s Statement
“I am completely unaware of this matter,” she stated on official X, categorically denying the claims: “We have never granted any approval whatsoever.” - Market Reaction
Following this post, the price of Sanae Token plummeted, plunging the market into chaos.
Is the “2.5 Billion Yen Total Loss” Fake News?
Information such as “The issuer made a killing of 2.5 billion yen” and “The total loss is 2.5 billion yen” has been spreading on social media, primarily among influencers.
However, Kenichi Ogura points out that this figure lacks basis and that the “dark side” unique to social media lurks behind it.
The Discrepancy Between Market Cap and Reality (Explanation by Yusuke Yamano)
Yusuke Yamano explains how the ¥2.5 billion figure ignores the mechanics of DEX (decentralized exchanges) as follows:
| Item | Content |
| Market Capitalization Formula | Current price per token × Total number of tokens issued |
| Points of Misunderstanding | The peak market capitalization value does not directly represent the amount withdrawn from the market. |
| Physical limitations | It is impossible to withdraw an amount exceeding the funds deposited into the pool. |
In other words, it was merely a temporary surge in buying pressure that caused the “market capitalization” to jump to the equivalent of 2.5 billion yen. The equation “the issuer obtained 2.5 billion yen” does not hold true.
Summary: The Risk of Unverified Information Spreading
In this incident, the inaccurate figure of “¥2.5 billion” spread like truth through influencers without verification.
The issues surrounding Sanae Token may highlight not just a price crash, but the risk inherent in modern social media: the spread of fake news fueled by misunderstandings of blockchain technology.
