A new meme coin has appeared on Solana with a name derived from a well-known Japanese political figure, and as expected, it has become a problem. Six days after launch, this token has dropped from $27.72 million to just $6.6 million. The volume is very small, and even more alarming - the top 10 holders control 42.6% of the total supply. This is a classic rug pull setup.

Related officials issued a statement saying they have no knowledge and did not approve this activity. But that’s also the problem with meme coins linked to popular personalities or political figures - you don’t know who’s behind it, and most are just scams. I’ve seen this many times, and the ending is always the same.

If you’re serious about investing in these kinds of coins, you need to be super careful. Meme coins connected to famous people carry higher risks because they are vulnerable to manipulation and rug pulls. It’s better to focus on established projects if you want peace of mind. The potential gains aren’t worth losing everything.