The team behind the SANAE token has apologized and is offering refunds after a recent issue involving their meme token on Solana. They are also changing the token’s name and bringing in experts to review their processes.
The creators of SANAE TOKEN, a meme coin built on Solana, have apologized for the recent issues surrounding the project. The team, known as Japan is Back, acknowledged they didn’t communicate clearly, which caused confusion for both Japan’s Prime Minister Sanae Takaichi and those who invested in the token.
In my research, I’ve observed that this token initially reached a market capitalization of $27.7 million, but unfortunately, it experienced a significant drop, falling to approximately $6 million.
Growing worries about a few individuals controlling the project’s funds, combined with the prime minister’s statement that they weren’t involved, created significant challenges. The project team has now detailed a plan to address these issues and get things back on track.
Related Reading: New Solana Meme Token Skyrockets to $27M, Then Crashes to $6M
SANAE TOKEN Team Acknowledges Communication Failures
In a post on X, the NoBorder project team took full responsibility for how events unfolded.
The team acknowledged they didn’t communicate effectively with Prime Minister Takaichi’s office. This lack of clear communication caused confusion for the prime minister, those involved, and people who held tokens.
Yuji Mizoguchi, a successful founder of multiple companies and a central person involved in the project, publicly apologized on X (formerly Twitter).
まず、高市総理ならびに関係者の皆様、そして本プロジェクトに賛同してくださった皆様に、心よりお詫び申し上げます。
高市総理側の発信を否定する意図はありません。
今の時点で私たちに最大限できることは、投機目的でないプロジェクトを応援してくれていたトークンホルダーへの補償（返金）…
— 溝口勇児 | 連続起業家 (@mizoguchi_yuji)
He didn’t disagree with anything Prime Minister Takaichi’s team said. Instead, he admitted the project hadn’t gone as planned.
The team initially planned to use a self-governing, community-led system to give citizens more say in politics. Unfortunately, the reality of the project didn’t match that original idea.
Compensation Plan and Snapshot Details for Token Holders
The team announced three immediate steps in response to the fallout.
The project has three main plans: first, to reimburse everyone who owns the token. Second, it will rebrand as a new token and thoroughly re-evaluate the project’s direction. Finally, it will create a team of experts to find ways to prevent issues like this from happening again.
To determine who will receive compensation, the team took a snapshot of all eligible wallets. This snapshot was taken on March 4, 2026, at 12:00 PM. This helps prevent confusion and trading based on speculation about the compensation.
Compensation details were not finalized at the time of the announcement.
As a researcher on this project, I can share that we’re collaborating with leading experts in the field and will release all the specifics as soon as everything is finalized. I also want to emphasize that, since the project began, our team hasn’t received any payments or earned any revenue from it.
Regarding the project’s funds, I’ve found that the LP tokens associated with their position on the Raydium decentralized exchange are currently locked. What’s more, the NFT that granted the team rights to collect revenue from swaps on that exchange has been intentionally destroyed, meaning they haven’t been receiving any of those funds either.
【SANAE TOKENに関するお詫びと今後の対応について】
Japan is Backプロジェクトチームです。
私たちはこれまで、高市事務所ならびに高市総理公認の後援会である「チームサナエが日本を変える」と、neu社を通じて協議を重ね、連携していく方針について双方のSNS等でご報告してまいりました。…
— NoBorder/ノーボーダー【公式】 (@NoBorder_info)
Japan Is Back Project Faces Full Review Amid Meme Token Controversy
As LiveBitcoinNews reported before, SANAE TOKEN initially raised concerns because a small number of wallets held a large portion of the tokens.
Just three wallets controlled 60% of all the tokens. This high concentration of ownership worried people watching the token’s quick gains and losses.
Prime Minister Takaichi publicly stated she wasn’t involved with the cryptocurrency token X or the “Japan is Back” initiative. She made this clarification while the token continued to attract attention and put the development team under increased scrutiny.
The team said it plans to cooperate fully with authorities if contacted.
The organization explained it will thoroughly investigate the situation with the help of experts, and then decide how to move forward. It’s currently unclear if the project will continue, possibly with a different name, or if it will be cancelled altogether.
The recent situation with the SANAE TOKEN is typical of the Solana meme coin world. Because Solana offers low transaction costs and speed, it’s simple to create and trade new tokens.
These patterns frequently cause prices to jump quickly, then fall dramatically. What makes this situation different from other issues with meme coins is the added political angle.
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2026-03-04 21:04