Original title: "Yua Mikami $Mikami coin launched big dump 85%, is it worth the tuition paid by fans?"
Original author: Luke, Mars Finance
On the frenzy stage of cryptocurrency, star meme coins streak across like meteors, dazzling yet fleeting. On May 8, 2025, Japanese entertainment star Yua Mikami's personal meme coin $Mikami was launched prominently on the Solana chain, carrying the expectations of 17.5 million fans and raising $3.46 million, vowing to spark a revolution in fan economy. However, just hours later, the token price fell 85%, with its market value shrinking from $16.9 million to $7.8 million, leaving presale investors with nothing and the community in despair. This was not only a "sneak attack" in the coin circle but also a microcosm of the celebrity meme coin craze.
From Idol to Coin Circle: San Shang's Web3 Ambition
Yua Mikami, this name is well-known in the Japanese and even Asian entertainment industry. From her debut as an SKE48 idol in 2009 to transforming into an adult entertainment superstar, she has repeatedly reshaped herself with keen business acumen. In 2021, her 28 NFT "art photos" were sold for up to 170,000 yuan each, proving the fans' enthusiasm for digital assets. When she previewed the $Mikami token plan through the X platform at the end of April 2025, both the crypto world and her fan base erupted.
$Mikami has a grand vision: to create an ecosystem that integrates "temple economy", AI virtual avatars, DAO governance, and exclusive fan experiences (meet-and-greets, concerts, etc.) by leveraging the low fees and high efficiency of the Solana blockchain. The white paper outlines a clear distribution: a total supply of 69 million coins, with 50% allocated to Sanshang himself (locked until 2069), 20% for presale, 15% injected into liquidity, 10% allocated to the community, and 5% for marketing. In the early stage of the token launch, the circulating market value is expected to be $8.45 million, igniting fans' enthusiasm with "scarcity" and "future value".
Pre-sale Frenzy: $3.46 Million Fan Celebration
On April 30th, the presale of $Mikami kicked off, attracting 10,461 addresses to invest 23,333 SOL, equivalent to approximately 3.46 million dollars, within 72 hours. Solscan data shows that 94.4% of investors contributed less than 1 SOL (about 150 dollars), indicating a retail-dominated pattern. However, 0.1% of the whales—one of which splurged 574 SOL (about 84,000 dollars)—accounted for 17.8% of the funding pool. On average, each person invested 1.35 SOL, about 200 dollars, making it a typical "fan economy" feast.
Mikami's post on X was like adding fuel to the fire: "Beauty fades, but scarcity endures. The future belongs to believers." The official account further stoked the flames, announcing a presale cost of 0.00169 SOL for 1 $Mikami, with a unit price of about 0.245 USD. The 50% token lockup means limited circulation, which theoretically can support price stability. However, alarms have already been raised in the X community. Some question the spending power of Mikami's fans: "Most of her fans are 'free content' enthusiasts, expecting them to drive up the meme coin is a bit naive." Others speculate that there are market operators behind the project in Asia, suggesting that Mikami is merely 'selling her name' for quick profits.
Midnight Crash: A "sneak attack" nightmare for retail investors
On the early morning of May 8, 2025, the $Mikami token quietly launched on the Solana chain. The official account announced the token's on-chain status on the X platform, with airdrops distributed in the order of the presale time, an initial market value of $16.9 million, and a circulating market value of $8.45 million. However, before the midnight bell had rung, the joy had turned into a nightmare. By 4 a.m., X community members exclaimed that the token had "collapsed," with the price falling from the presale price of $0.245 to $0.1, a big dump of 60%. By morning, the market value further shrank to $7.8 million, down 85% from its peak, almost "tenfold to zero." "This is simply an ambush!" one community member angrily denounced, as the timing of the midnight opening seemed meticulously designed to catch retail investors during their sleep, allowing the "leaders to leave first."
The brutality of the data is suffocating: the $3.46 million of presale investors is now only worth $1.56 million, and to break even, the market value needs to rise to $17.5 million - more than double the current price. Liquidity accounts for only 15%, and in the low trading volume DEX pool, prices are out of control like a runaway wild horse. The X community has pointed fingers at the project's "Chinese national attributes," suspecting that the behind-the-scenes team has meticulously planned a "harvest" of retail investors. "Opening at midnight while retail investors are still dreaming, the big players have already cleared out," one user scolded, "This is a typical trick of Chinese projects: pump and dump, retail investors take the bait."
The Conspiracy of "Guoren Pan"?
In the heated discussions within the X community, "Guoren Pan" has become the keyword for the $Mikami collapse. Community members speculate that the project team may be led by operators with a Chinese background, with Yua Mikami merely serving as the brand face, while actual operations are handled by a team familiar with the tricks of the crypto world. One piece of evidence supporting this speculation is the precise design of fundraising and market opening. During the presale phase, the $3.46 million funding pool seems enormous, but the 20% token allocation corresponds to only 13.8 million $Mikami, implying that the team quickly liquidated through high premiums. In contrast, the 15% liquidity allocation (approximately 10.35 million tokens) is far from sufficient to support market trading, with a liquidity pool as thin as a cicada's wing making prices extremely easy to manipulate.
What is even more striking is the choice of opening time. Going live at midnight Beijing time coincides with the retail investors' rest period, while investors in other regions of Asia (such as Japan) and in Europe and the US also find it difficult to react instantly due to the time difference. This "time difference tactic" is not new in the crypto space. Community members recall that in 2024, several Solana meme coin projects also utilized similar methods, going live late at night to create information asymmetry and allowing insider traders to sell off first. One user analyzed, "Opening at dawn allows bots and internal addresses to clear their positions in seconds, leaving retail investors with only a mess when they wake up." Solscan data shows that within minutes after $Mikami went live, several large addresses sold off millions of tokens, leading to a price avalanche, indirectly corroborating this speculation.
The token distribution structure further exacerbated the fermentation of conspiracy theories. 50% of the tokens are locked until 2069, which on the surface appears to be a commitment to "long-termism," but in reality compresses the circulation to half, raising initial price expectations. However, the community questions the authenticity of this locked portion: "Who can guarantee that it won't be secretly unlocked before 2069?" Even more concerning is the lack of transparent usage records for the 5% marketing budget and 10% community allocation. There are allegations that the trending $Mikami on platform X and the comments from fake accounts are suspected to be driven by marketing funds, creating a false prosperity. "This 5% is probably used to buy bots and KOL promotions," one user sarcastically remarked, "What about the community's 10%? It's likely gone into the team's pockets."
Retail Investors' "Tuition Fees" and Trading Tactics
The criticism of "national projects" from the community is not unfounded. Chinese crypto projects are known in the global coin market for their "efficient execution" and "strong community mobilization," but they are also often accused of "cutting leeks." The Solana meme coins like $NEIRO and $SPX6900 in 2024 were all operated by Chinese teams, surging dramatically at the beginning of their listings, only to quickly return to zero, leaving retail investors in disarray. The model of $Mikami is similar: high-profile pre-sales to attract funds, low liquidity to increase volatility, and launching late at night to create panic selling. Community members lament: "National projects dare to show their faces, at least they should have some self-respect, but retail investors are always the last link."
It is worth noting that the collapse of $Mikami was not entirely intentional. The ecosystem of meme coins on the Solana chain is itself full of speculation, with thin liquidity being a common issue, and retail investors' FOMO sentiment has also laid the groundwork for a price bubble. One user reflected: "We chased the highs ourselves, who can we blame? The names on the leaderboard are just hooks; the real fishing is done by the market." However, the chaos of airdrop distribution—some users not receiving tokens or only receiving part—has exacerbated the crisis of trust. The community speculates that the delay in the airdrop may be a deliberate tactic by the team to buy back tokens at a low price, further driving down the circulating price.
The Calculations of Trading and the Ruthlessness of the Market
From a trading perspective, the midnight collapse of $Mikami is a "textbook" case of unloading. The team cashed out 3.46 million SOL through pre-sales, and after deducting the shares from the three parties (estimated at 2.5-3.11 million USD), the remaining funds are sufficient to cover development and marketing costs. Even if the market value drops to 7.8 million, the team's actual losses are minimal, while retail investors' 3.46 million investment has almost been halved. The community calculates that to allow pre-sale investors to break even, $Mikami needs to rise above 0.5 USD, and the market value needs to return to 17.5 million — this is nearly impossible under the current market sentiment.
Although the conspiracy theories of the "national market" have not been officially confirmed, the outrage in the community reflects the deep distrust of retail investors towards opaque trading. Someone concluded: "It's not Mikami's fault, it's that we believe too much in the myth of meme coins to create wealth." Another user joked: "Mr. Mikami taught us a lesson: there is no free lunch in the currency circle, only expensive tuition."
The "lying win" of San and the "tuition fee" of fans
For Sanjo Yua, the financial impact of this incident is minimal. It is estimated that, assuming the usual profit-sharing between stars and their agencies, she could earn between $2.5 million to $3.11 million from pre-sales, far exceeding her previous appearances' compensation of 100,000 yen. The community lamented: "The wealth in the crypto world comes too suddenly; fans have paid tuition to the 'enlightenment teacher.'" Whether she is actively managing or just providing brand licensing, Sanjo's personal image has not been severely damaged, and fan loyalty remains strong.
In terms of cultural influence, $Mikami ignited a wonderful chemical reaction between fans and speculation. The exclusive benefits promised by the token—signed posters, VIP events, etc.—have attracted fans in droves. The community speculates that Asian investors may drive up the coin price due to the appeal of San Shang, especially if the exclusive benefits spread. Some jokingly remarked: "Is 1 fan worth 1 dollar or 10 dollars?" alluding to the potential value of San Shang's 8.23 million X fans.
Celebrity Meme Coin 2025: Revelry and Traps
The rise and fall of $Mikami is just the tip of the iceberg in the celebrity meme coin craze of 2025. From Caitlyn Jenner's $JENNER to Iggy Azalea's $MOTHER, stars flock to Solana, chasing a win-win of fan economy and huge profits. However, the reality is harsh. $JENNER plummeted from a market value of $42 million to $357,000, while Jason Derulo's $JASON and Waka Flocka's $FLOCKA fell even more drastically by 97-99%. In November 2024, Jenner was sued for false advertising, highlighting the legal risks.
Data shows that the average lifespan of meme coins is only 27 days, with most lacking intrinsic value and surviving on speculation and market sentiment. The total market cap of Solana's meme coins reached $93.9 billion in 2025, but with significant volatility. Projects like $Mikami, which have low liquidity and concentrated internal distribution, are highly susceptible to manipulation. Bubblemaps found that when analyzing $MOTHER, sniper bots captured 20% of the supply at launch, and $Mikami may not have been spared either.
Critics argue that celebrity meme coins exploit fan loyalty, turning emotion into a speculative trap. Nick Vaiman of Bubblemaps told PANews, "Failed projects drain retail liquidity but fail to deliver on promises." However, there are also optimists. Iggy Azalea interacts with fans through X, building trust, and the DAO and AI plans of $Mikami also hint at similar potential, although the execution is questionable.
The Inspiration and Future of $Mikami
The collapse of $Mikami has sounded the alarm for investors and stars. For fans, meme coins are entertainment, not investments, and contributions should be as cautious as 'tipping a streamer.' For celebrities, the temptation of high profits needs to be balanced with the risk to their reputation—Mikami's silence after the collapse does not help restore trust. For the crypto world, transparency, sufficient liquidity, and practical uses are key to shedding the 'quantum scam' label.
Currently, the fate of $Mikami is uncertain. Whether it can rebound to the breakeven point of $17.5 million depends on whether Mikami fulfills its promises—fan activities, DAO governance, or a virtual "temple." For now, it remains a fleeting illusion in the frenzy of the coin world. As the community says: "Beauty fades, scarcity endures—the premise is that the market buys it."
The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
Yua Mikami $Mikami coin launched and fell big dump by 85%. Is it worth the tuition fees paid by fans?
On the frenzy stage of cryptocurrency, star meme coins streak across like meteors, dazzling yet fleeting. On May 8, 2025, Japanese entertainment star Yua Mikami's personal meme coin $Mikami was launched prominently on the Solana chain, carrying the expectations of 17.5 million fans and raising $3.46 million, vowing to spark a revolution in fan economy. However, just hours later, the token price fell 85%, with its market value shrinking from $16.9 million to $7.8 million, leaving presale investors with nothing and the community in despair. This was not only a "sneak attack" in the coin circle but also a microcosm of the celebrity meme coin craze.
From Idol to Coin Circle: San Shang's Web3 Ambition
Yua Mikami, this name is well-known in the Japanese and even Asian entertainment industry. From her debut as an SKE48 idol in 2009 to transforming into an adult entertainment superstar, she has repeatedly reshaped herself with keen business acumen. In 2021, her 28 NFT "art photos" were sold for up to 170,000 yuan each, proving the fans' enthusiasm for digital assets. When she previewed the $Mikami token plan through the X platform at the end of April 2025, both the crypto world and her fan base erupted.
$Mikami has a grand vision: to create an ecosystem that integrates "temple economy", AI virtual avatars, DAO governance, and exclusive fan experiences (meet-and-greets, concerts, etc.) by leveraging the low fees and high efficiency of the Solana blockchain. The white paper outlines a clear distribution: a total supply of 69 million coins, with 50% allocated to Sanshang himself (locked until 2069), 20% for presale, 15% injected into liquidity, 10% allocated to the community, and 5% for marketing. In the early stage of the token launch, the circulating market value is expected to be $8.45 million, igniting fans' enthusiasm with "scarcity" and "future value".
Pre-sale Frenzy: $3.46 Million Fan Celebration
On April 30th, the presale of $Mikami kicked off, attracting 10,461 addresses to invest 23,333 SOL, equivalent to approximately 3.46 million dollars, within 72 hours. Solscan data shows that 94.4% of investors contributed less than 1 SOL (about 150 dollars), indicating a retail-dominated pattern. However, 0.1% of the whales—one of which splurged 574 SOL (about 84,000 dollars)—accounted for 17.8% of the funding pool. On average, each person invested 1.35 SOL, about 200 dollars, making it a typical "fan economy" feast.
Mikami's post on X was like adding fuel to the fire: "Beauty fades, but scarcity endures. The future belongs to believers." The official account further stoked the flames, announcing a presale cost of 0.00169 SOL for 1 $Mikami, with a unit price of about 0.245 USD. The 50% token lockup means limited circulation, which theoretically can support price stability. However, alarms have already been raised in the X community. Some question the spending power of Mikami's fans: "Most of her fans are 'free content' enthusiasts, expecting them to drive up the meme coin is a bit naive." Others speculate that there are market operators behind the project in Asia, suggesting that Mikami is merely 'selling her name' for quick profits.
Midnight Crash: A "sneak attack" nightmare for retail investors
On the early morning of May 8, 2025, the $Mikami token quietly launched on the Solana chain. The official account announced the token's on-chain status on the X platform, with airdrops distributed in the order of the presale time, an initial market value of $16.9 million, and a circulating market value of $8.45 million. However, before the midnight bell had rung, the joy had turned into a nightmare. By 4 a.m., X community members exclaimed that the token had "collapsed," with the price falling from the presale price of $0.245 to $0.1, a big dump of 60%. By morning, the market value further shrank to $7.8 million, down 85% from its peak, almost "tenfold to zero." "This is simply an ambush!" one community member angrily denounced, as the timing of the midnight opening seemed meticulously designed to catch retail investors during their sleep, allowing the "leaders to leave first."
The brutality of the data is suffocating: the $3.46 million of presale investors is now only worth $1.56 million, and to break even, the market value needs to rise to $17.5 million - more than double the current price. Liquidity accounts for only 15%, and in the low trading volume DEX pool, prices are out of control like a runaway wild horse. The X community has pointed fingers at the project's "Chinese national attributes," suspecting that the behind-the-scenes team has meticulously planned a "harvest" of retail investors. "Opening at midnight while retail investors are still dreaming, the big players have already cleared out," one user scolded, "This is a typical trick of Chinese projects: pump and dump, retail investors take the bait."
The Conspiracy of "Guoren Pan"?
In the heated discussions within the X community, "Guoren Pan" has become the keyword for the $Mikami collapse. Community members speculate that the project team may be led by operators with a Chinese background, with Yua Mikami merely serving as the brand face, while actual operations are handled by a team familiar with the tricks of the crypto world. One piece of evidence supporting this speculation is the precise design of fundraising and market opening. During the presale phase, the $3.46 million funding pool seems enormous, but the 20% token allocation corresponds to only 13.8 million $Mikami, implying that the team quickly liquidated through high premiums. In contrast, the 15% liquidity allocation (approximately 10.35 million tokens) is far from sufficient to support market trading, with a liquidity pool as thin as a cicada's wing making prices extremely easy to manipulate.
What is even more striking is the choice of opening time. Going live at midnight Beijing time coincides with the retail investors' rest period, while investors in other regions of Asia (such as Japan) and in Europe and the US also find it difficult to react instantly due to the time difference. This "time difference tactic" is not new in the crypto space. Community members recall that in 2024, several Solana meme coin projects also utilized similar methods, going live late at night to create information asymmetry and allowing insider traders to sell off first. One user analyzed, "Opening at dawn allows bots and internal addresses to clear their positions in seconds, leaving retail investors with only a mess when they wake up." Solscan data shows that within minutes after $Mikami went live, several large addresses sold off millions of tokens, leading to a price avalanche, indirectly corroborating this speculation.
The token distribution structure further exacerbated the fermentation of conspiracy theories. 50% of the tokens are locked until 2069, which on the surface appears to be a commitment to "long-termism," but in reality compresses the circulation to half, raising initial price expectations. However, the community questions the authenticity of this locked portion: "Who can guarantee that it won't be secretly unlocked before 2069?" Even more concerning is the lack of transparent usage records for the 5% marketing budget and 10% community allocation. There are allegations that the trending $Mikami on platform X and the comments from fake accounts are suspected to be driven by marketing funds, creating a false prosperity. "This 5% is probably used to buy bots and KOL promotions," one user sarcastically remarked, "What about the community's 10%? It's likely gone into the team's pockets."
Retail Investors' "Tuition Fees" and Trading Tactics
The criticism of "national projects" from the community is not unfounded. Chinese crypto projects are known in the global coin market for their "efficient execution" and "strong community mobilization," but they are also often accused of "cutting leeks." The Solana meme coins like $NEIRO and $SPX6900 in 2024 were all operated by Chinese teams, surging dramatically at the beginning of their listings, only to quickly return to zero, leaving retail investors in disarray. The model of $Mikami is similar: high-profile pre-sales to attract funds, low liquidity to increase volatility, and launching late at night to create panic selling. Community members lament: "National projects dare to show their faces, at least they should have some self-respect, but retail investors are always the last link."
It is worth noting that the collapse of $Mikami was not entirely intentional. The ecosystem of meme coins on the Solana chain is itself full of speculation, with thin liquidity being a common issue, and retail investors' FOMO sentiment has also laid the groundwork for a price bubble. One user reflected: "We chased the highs ourselves, who can we blame? The names on the leaderboard are just hooks; the real fishing is done by the market." However, the chaos of airdrop distribution—some users not receiving tokens or only receiving part—has exacerbated the crisis of trust. The community speculates that the delay in the airdrop may be a deliberate tactic by the team to buy back tokens at a low price, further driving down the circulating price.
The Calculations of Trading and the Ruthlessness of the Market
From a trading perspective, the midnight collapse of $Mikami is a "textbook" case of unloading. The team cashed out 3.46 million SOL through pre-sales, and after deducting the shares from the three parties (estimated at 2.5-3.11 million USD), the remaining funds are sufficient to cover development and marketing costs. Even if the market value drops to 7.8 million, the team's actual losses are minimal, while retail investors' 3.46 million investment has almost been halved. The community calculates that to allow pre-sale investors to break even, $Mikami needs to rise above 0.5 USD, and the market value needs to return to 17.5 million — this is nearly impossible under the current market sentiment.
Although the conspiracy theories of the "national market" have not been officially confirmed, the outrage in the community reflects the deep distrust of retail investors towards opaque trading. Someone concluded: "It's not Mikami's fault, it's that we believe too much in the myth of meme coins to create wealth." Another user joked: "Mr. Mikami taught us a lesson: there is no free lunch in the currency circle, only expensive tuition."
The "lying win" of San and the "tuition fee" of fans
For Sanjo Yua, the financial impact of this incident is minimal. It is estimated that, assuming the usual profit-sharing between stars and their agencies, she could earn between $2.5 million to $3.11 million from pre-sales, far exceeding her previous appearances' compensation of 100,000 yen. The community lamented: "The wealth in the crypto world comes too suddenly; fans have paid tuition to the 'enlightenment teacher.'" Whether she is actively managing or just providing brand licensing, Sanjo's personal image has not been severely damaged, and fan loyalty remains strong.
In terms of cultural influence, $Mikami ignited a wonderful chemical reaction between fans and speculation. The exclusive benefits promised by the token—signed posters, VIP events, etc.—have attracted fans in droves. The community speculates that Asian investors may drive up the coin price due to the appeal of San Shang, especially if the exclusive benefits spread. Some jokingly remarked: "Is 1 fan worth 1 dollar or 10 dollars?" alluding to the potential value of San Shang's 8.23 million X fans.
Celebrity Meme Coin 2025: Revelry and Traps
The rise and fall of $Mikami is just the tip of the iceberg in the celebrity meme coin craze of 2025. From Caitlyn Jenner's $JENNER to Iggy Azalea's $MOTHER, stars flock to Solana, chasing a win-win of fan economy and huge profits. However, the reality is harsh. $JENNER plummeted from a market value of $42 million to $357,000, while Jason Derulo's $JASON and Waka Flocka's $FLOCKA fell even more drastically by 97-99%. In November 2024, Jenner was sued for false advertising, highlighting the legal risks.
Data shows that the average lifespan of meme coins is only 27 days, with most lacking intrinsic value and surviving on speculation and market sentiment. The total market cap of Solana's meme coins reached $93.9 billion in 2025, but with significant volatility. Projects like $Mikami, which have low liquidity and concentrated internal distribution, are highly susceptible to manipulation. Bubblemaps found that when analyzing $MOTHER, sniper bots captured 20% of the supply at launch, and $Mikami may not have been spared either.
Critics argue that celebrity meme coins exploit fan loyalty, turning emotion into a speculative trap. Nick Vaiman of Bubblemaps told PANews, "Failed projects drain retail liquidity but fail to deliver on promises." However, there are also optimists. Iggy Azalea interacts with fans through X, building trust, and the DAO and AI plans of $Mikami also hint at similar potential, although the execution is questionable.
The Inspiration and Future of $Mikami
The collapse of $Mikami has sounded the alarm for investors and stars. For fans, meme coins are entertainment, not investments, and contributions should be as cautious as 'tipping a streamer.' For celebrities, the temptation of high profits needs to be balanced with the risk to their reputation—Mikami's silence after the collapse does not help restore trust. For the crypto world, transparency, sufficient liquidity, and practical uses are key to shedding the 'quantum scam' label.
Currently, the fate of $Mikami is uncertain. Whether it can rebound to the breakeven point of $17.5 million depends on whether Mikami fulfills its promises—fan activities, DAO governance, or a virtual "temple." For now, it remains a fleeting illusion in the frenzy of the coin world. As the community says: "Beauty fades, scarcity endures—the premise is that the market buys it."
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