Mikami Yua's $Mikami coin plummeted 85% after launch. Is it worth it for fans to pay the tuition?

Author: Luke, Mars Finance

On the fervent stage of cryptocurrency, star meme coins streak across like meteors, dazzling yet fleeting. On May 8, 2025, the personal meme coin $Mikami of Japanese entertainment star Yua Mikami launched prominently on the Solana chain, accompanied by the anticipation of 17.5 million fans and $3.46 million in fundraising, vowing to ignite a revolution in fan economy. However, just hours later, the token price plummeted by 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 crypto world but also a microcosm of the celebrity meme coin craze.

From Idol to Crypto: Mikami's Web3 Ambition

Yua Mikami, a name that resonates throughout Japan and even the Asian entertainment industry. From debuting as an SKE48 idol in 2009 to transforming into an adult entertainment superstar, she has repeatedly reshaped herself with a keen business sense. In 2021, her 28 NFT "art photos" sold for as much as 170,000 RMB each, proving fans' fervor for digital assets. When she announced the $Mikami token plan on the X platform at the end of April 2025, both the crypto and fan circles erupted.

The vision for $Mikami was grand: leveraging the low fees and high efficiency of the Solana blockchain to create an ecosystem that integrates "temple economy," AI virtual avatars, DAO governance, and exclusive fan experiences (meet-and-greets, concerts, etc.). The white paper outlined a clear distribution: a total supply of 69 million tokens, with 50% allocated to Mikami herself (locked until 2069), 20% for presale, 15% injected into liquidity, 10% for community allocation, and 5% for marketing. At the token's launch, the circulating market value was estimated at $8.45 million, igniting fans' enthusiasm with "scarcity" and "future value."

Presale Frenzy: A $3.46 Million Fan Carnival

On April 30, the presale of $Mikami kicked off, attracting 10,461 addresses to invest 23,333 SOL, approximately $3.46 million, within 72 hours. Solscan data showed that 94.4% of investors contributed less than 1 SOL (about $150), indicating a retail-dominated landscape. However, 0.1% of large holders—including a whale who splurged 574 SOL (about $84,000)—accounted for 17.8% of the funding pool. The average investment per person was 1.35 SOL, about $200, making it a typical "fan economy" feast.

Mikami herself fanned the flames on X: "Beauty fades, but scarcity lasts. The future belongs to believers." The official account further fueled the hype, announcing a presale cost of 0.00169 SOL for 1 $Mikami, with a unit price of about $0.245. The 50% token lockup meant limited circulation, theoretically supporting price stability. However, alarms were already ringing in the X community. Some questioned 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 speculated that there were Asian market operators behind the project, with Mikami merely "selling her name" for quick cash.

Midnight Crash: Retail Investors' "Sneak Attack" Nightmare

In the early hours 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 presale time, an initial market value of $16.9 million, and a circulating market value of $8.45 million. However, before the midnight bell tolled, joy turned into a nightmare. By 4 AM, X community members exclaimed that the token had "crashed," with the price plummeting from the presale price of $0.245 to $0.1, a drop 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 a sneak attack!" one community member fumed, as the timing of the midnight launch seemed meticulously designed to "catch" retail investors during their sleep, allowing "the leaders to exit first."

The harsh reality of the data was suffocating: the $3.46 million investment from presale investors was now worth only $1.56 million, and to break even, the market value needed to rise to $17.5 million—more than double the current price. Liquidity accounted for only 15%, and in the low-volume DEX pool, prices spiraled out of control like a runaway horse. The X community pointed fingers at the project's "domestic" attributes, suspecting that the behind-the-scenes team had meticulously orchestrated a "harvest" of retail investors. "Launching at midnight while retail investors are still dreaming, the big players had already cleared their positions," one user criticized, "This is a typical domestic project tactic: pump and dump, leaving retail investors to pick up the pieces."

The "Domestic Scheme" Conspiracy?

In the heated discussions within the X community, "domestic scheme" became the keyword for the $Mikami crash. Community members speculated that the project team might be led by operators with a Chinese background, with Yua Mikami merely serving as a brand facade, while actual operations were handled by a team familiar with crypto tactics. One piece of evidence supporting this speculation was the precise design of fundraising and launch. During the presale phase, the $3.46 million funding pool seemed substantial, but the 20% token allocation corresponded to only 13.8 million $Mikami tokens, indicating that the team quickly cashed out through high premiums. In contrast, the 15% liquidity allocation (about 10.35 million tokens) was far from sufficient to support market trading, and the thin liquidity pool made prices easily manipulable.

Even more striking was the choice of launch time. Launching at midnight Beijing time coincided with the rest period for Chinese retail investors, while investors from other Asian regions (like Japan) and the Western markets also struggled to respond in real-time due to time zone differences. This "time zone tactic" is not new in the crypto world. Community members recalled that several Solana meme coin projects in 2024 had also employed similar methods, launching late at night to create information asymmetry, allowing insider traders to sell off first. One user analyzed: "Launching at midnight allows bots and insider addresses to clear their positions in seconds, leaving retail investors with only the aftermath." Solscan data showed that within minutes of $Mikami's launch, several large addresses sold off millions of tokens, leading to a price collapse, indirectly supporting this speculation.

The token distribution structure further fueled the conspiracy theories. The 50% token lockup for Mikami until 2069, ostensibly a commitment to "long-termism," effectively compressed the circulating supply by half, inflating initial price expectations. However, the community questioned the authenticity of this lockup: "Who can guarantee that it won't be secretly unlocked before 2069?" Even more concerning was the lack of transparent usage records for the 5% marketing budget and 10% community allocation. Some revealed that the trending topics and bot comments for $Mikami on the X platform seemed to be driven by marketing funds, creating a false sense of prosperity. "This 5% is probably used to buy bots and KOLs to promote," one user sarcastically remarked, "What about the community's 10%? It probably went into the team's pockets."

Retail Investors' "Tuition" and Manipulative Tactics

The community's criticism of the "domestic scheme" is not unfounded. Chinese crypto projects are known globally for their "efficient execution" and "strong community mobilization," but they are also often criticized for "harvesting retail investors." In 2024, meme coins like $NEIRO and $SPX6900 on Solana, operated by Chinese teams, experienced initial surges followed by rapid declines, leaving retail investors in disarray. The $Mikami model is no different: high-profile presales to attract funds, thin liquidity to amplify volatility, and midnight launches to create panic selling. Community members lamented: "Domestic projects dare to show their faces, at least they should have some shame, but retail investors are always the last link."

It is worth noting that the crash of $Mikami was not entirely intentional. The ecosystem of meme coins on the Solana chain is inherently speculative, with thin liquidity being a common issue, and the FOMO sentiment among retail investors also laid the groundwork for price bubbles. One user reflected: "We chased the highs ourselves; who can we blame? Mikami's name was just a hook; the real fishing was done by the market." However, the chaos surrounding the airdrop—where some users did not receive tokens or only received partial amounts—exacerbated the trust crisis. The community speculated that the delay in airdrop distribution might have been a deliberate tactic by the team to buy back tokens at low prices, further depressing circulating prices.

The Calculated Manipulation and Market's Ruthlessness

From a manipulation perspective, the midnight crash of $Mikami was a "textbook" exit strategy. The team cashed out $3.46 million SOL through the presale, and after deducting Mikami's share (estimated at $2.5 to $3.11 million), the remaining funds were sufficient to cover development and marketing costs. Even if the market value dropped to $7.8 million, the team's actual losses were minimal, while retail investors' $3.46 million investment was nearly halved. The community calculated that for presale investors to break even, $Mikami would need to rise above $0.5, with the market value returning to $17.5 million—something nearly impossible under current market sentiment.

Although the conspiracy theory of a "domestic scheme" has not been officially confirmed, the community's anger reflects retail investors' deep distrust of opaque manipulations. Some summarized: "This is not Mikami's fault; it's our fault for believing too much in the wealth myth of meme coins." Another user joked: "Mikami taught us a lesson: there are no free lunches in the crypto world, only expensive tuition."

Mikami's "Easy Win" and Fans' "Tuition"

For Yua Mikami, the financial impact of this turmoil is minimal. It is estimated that, assuming the usual split between stars and agencies, she profited between $2.5 million and $3.11 million from the presale, far exceeding her previous appearances, which earned her 100,000 yen each. The community sighed: "Wealth in the crypto world comes too suddenly; fans have paid 'tuition' to the 'enlightening teacher.'" Whether she actively manipulated or merely provided brand authorization, Mikami's personal image remains largely intact, and fan loyalty remains strong.

In terms of cultural impact, $Mikami ignited a fascinating chemistry between fans and speculation. The promised exclusive benefits of the token—signed posters, VIP events, etc.—attracted fans like moths to a flame. The community speculated that Chinese investors might drive up the coin's price due to Mikami's appeal, especially if exclusive benefits spread. Some jokingly asked: "Is 1 fan worth $1 or $10?" alluding to Mikami's potential value among her 8.23 million X followers.

Celebrity Meme Coins in 2025: Revelry and Traps

The rise and fall of $Mikami is just the tip of the iceberg in the wave of celebrity meme coins in 2025. From Caitlyn Jenner's $JENNER to Iggy Azalea's $MOTHER, stars flock to Solana, chasing a win-win of fan economy and high 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 by 97-99%. In November 2024, Jenner was sued for false advertising, highlighting legal risks.

Data shows that the average lifespan of meme coins is only 27 days, with most lacking intrinsic value, surviving on hype and market sentiment. The total market value of Solana's meme coins reached $93.9 billion in 2025, but volatility was extreme. Projects like $Mikami, with low liquidity and concentrated internal distribution, are particularly susceptible to manipulation. Bubblemaps found that when analyzing $MOTHER, sniper bots captured 20% of the supply at launch, and $Mikami may not have escaped this fate.

Critics argue that celebrity meme coins exploit fan loyalty, turning emotions into speculative traps. Nick Vaiman from Bubblemaps told PANews: "Failed projects drain retail liquidity but fail to deliver on promises." Yet, there are optimists. Iggy Azalea has built trust through interaction with fans on X, and $Mikami's DAO and AI plans also hint at similar potential, despite doubts about execution.

The Lessons and Future of $Mikami

The crash of $Mikami serves as a wake-up call for investors and celebrities alike. For fans, meme coins should be seen as entertainment rather than investment, and investments should be made with caution, akin to "tipping a streamer." For celebrities, the temptation of high profits must be balanced against reputational risks—Mikami's silence after the crash did little to restore trust. For the crypto world, transparency, sufficient liquidity, and practical utility are key to shedding the "quantum scam" label.

Currently, the fate of $Mikami remains uncertain. Whether it can rebound to the break-even point of $17.5 million depends on whether Mikami fulfills her promises—fan events, DAO governance, or a virtual "temple." For now, it remains a fleeting illusion in the frenzy of the crypto world. As the community puts it: "Beauty fades, but scarcity lasts—provided the market is willing to pay."