Yua Mikami $Mikami coin launched and fell 85%, is it worth the tuition paid by fans?

Written by: Luke, Mars Finance

On the frenzied 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 on the Solana chain with high profile, accompanied by the expectations 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’s 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 just a ‘sneak attack’ in the crypto world, but a microcosm of the celebrity meme coin craze.

From Idol to Crypto: San Shang’s Web3 Ambitions

Yua Mikami, this name is well-known in the Japanese and even Asian entertainment industry. From debuting as an idol in SKE48 in 2009 to transforming into an adult entertainment superstar, she has repeatedly reshaped herself with keen commercial insight. In 2021, her 28 NFT “art photos” were sold for as high as 170,000 RMB each, proving fans’ frenzy for digital assets. When she previewed the $Mikami token plan on the X platform at the end of April 2025, both the crypto and fan communities were stirred.

The vision of $Mikami is grand: relying on the low fees and high efficiency of the Solana blockchain, it aims to create an ecosystem that integrates “temple economy”, AI virtual personas, DAO governance, and fan-exclusive experiences (meetings, concerts, etc.). The white paper outlines a clear distribution: a total supply of 69 million tokens, with 50% allocated to the founder Sanjo (locked until 2069), 20% for pre-sale, 15% injected into liquidity, 10% allocated to the community, and 5% for marketing. At the initial launch of the token, 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 30, the presale of $Mikami kicked off, attracting 10,461 addresses to invest 23,333 SOL, equivalent to approximately $3.46 million, within 72 hours. According to Solscan data, 94.4% of investors contributed less than 1 SOL (about $150), indicating a pattern dominated by retail investors. However, 0.1% of large holders— including a whale that splashed out 574 SOL (about $84,000)— accounted for 17.8% of the fund pool. On average, each person invested 1.35 SOL, about $200, making it a typical feast of ‘fan economy.’

San Shang’s post on X adds fuel to the fire: “Beauty fades, scarcity lasts forever. The future belongs to the believers.” The official account further stirs the pot, announcing that the presale cost is 0.00169 SOL for 1 $Mikami, with a unit price of about $0.245. The 50% token lock-up means limited circulation, theoretically supporting price stability. However, alarms have already been raised in the X community. Some question the purchasing power of San Shang’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 Asian market manipulators behind the project, and San Shang is just “selling her name” for quick cash.

Midnight Crash: The Retail Investors’ Nightmare of “Sneak Attack”

In the early morning of May 8, 2025, the $Mikami token was quietly launched on the Solana chain. The official account announced the launch of the token on the X platform on the X platform, and the airdrop was distributed in the order of pre-sale time, with an initial market value of $16.9 million and a circulating market value of 8.45 million. However, the clock has not yet struck midnight, and the joy has turned into a nightmare. By 4 a.m., members of the X community exclaimed that the token had “crashed”, and the price plummeted by 60% from $0.245 in the presale to $0.1. By the morning, the market capitalization had shrunk further to $7.8 million, down 85% from its peak and almost “ten times zero”. “It’s a sneak attack!” A community member angrily denounced that the timing of the midnight opening seemed to be carefully designed, specifically “pinching” the sleep time of retail investors, and letting “the leader go first”.

The brutality of the numbers is suffocating: $3.46 million for pre-sale investors is now worth just $1.56 million, and it would take the market value to rise to $17.5 million — more than double the current price. With only 15% liquidity, prices spiral out of control in low-volume DEX pools. The X community pointed the finger at the “national plate” attribute of the project, suspecting that the trading team behind it had carefully planned a “harvest” of retail investors. “When the market opens in the middle of the night, retail investors are still dreaming, and large investors have already cleared their positions,” one user reprimanded, “This is a typical Chinese project routine: pull up and sell, and retail investors take over.” ”

The conspiracy of “Guoren Pan”?

In the heated discussion of the X community, “Guoren disk” has become the keyword of the collapse of $Mikami. Community members speculated that the project team might be led by traders with Chinese backgrounds, with Mikami Yua only serving as the façade of the brand, and the actual operation being handed over to a team familiar with the currency circle. One of the pieces of evidence supporting this speculation is the precise design of the fundraising and opening. During the presale phase, the $3.46 million pool seemed huge, but the 20% token allocation corresponded to only 13.8 million $Mikami, which meant that the team quickly cashed out at a high premium. In contrast, a 15% liquidity allocation (about 10.35 million tokens) is far from enough to support market trading, and the thin liquidity pool makes prices extremely susceptible to manipulation.

What is even more striking is the choice of opening time. Launching at midnight Beijing time coincides with the rest period of Chinese retail investors, while investors in other parts of Asia (like Japan) and in the US and Europe also struggle to react instantly due to time differences. This “time difference tactic” is not new in the crypto space. Community members recall that several Solana meme coin projects in 2024 also employed similar methods, creating information asymmetry by launching late at night, allowing insider traders to offload their assets first. One user analyzed: “With the opening at midnight, bots and internal addresses can clear their positions in seconds, leaving retail investors with only the aftermath when they wake up.” Solscan data shows that within minutes of $Mikami’s launch, several large addresses sold millions of tokens, leading to a price collapse, indirectly corroborating this speculation.

The token distribution structure has 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 supply by half, driving up initial price expectations. However, the community questions the authenticity of this lock-up: “Who can guarantee that there won’t be any secret unlocking before 2069?” Even more unsettling is the lack of transparent usage records for the 5% marketing budget and 10% community allocation. There are allegations that the trending searches and paid comments on platform X for $Mikami are suspected to be driven by marketing funds, creating a false sense of prosperity. “This 5% is probably used to buy bots and KOLs to promote it,” one user sarcastically remarked, “What about the community’s 10%? It’s likely pocketed by the team.”

The “tuition fees” of retail investors and the tricks of trading.

The community’s criticism of the “Guoren Pan” is not groundless. Chinese crypto projects are known for their “efficient execution” and “strong community mobilization” in the global cryptocurrency circle, but they are also often criticized for “cutting leeks”. Solana meme coins such as $NEIRO and $SPX6900 in 2024, all operated by Chinese teams, soared in the early days of listing, and then quickly zeroed, leaving retail investors in a mess. The pattern of $Mikami is the same: high-profile pre-sales to attract gold, thin liquidity to push up volatility, and late-night online to create panic selling. Community members sighed: “The Chinese project dares to show its face, at least to show face, 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 inherently full of speculation, and thin liquidity is a common problem, while retail investors’ FOMO sentiment has also laid the groundwork for a price bubble. One user reflected: “We chased the high ourselves, who can we blame? The name on the listing is just a hook, the real fishing is done by the market.” However, the chaos surrounding the airdrop—some users not receiving tokens or only receiving part of them—has exacerbated the trust crisis. 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 depressing the circulating price.

The calculations of the operators and the ruthlessness of the market.

From a trading perspective, the midnight crash of $Mikami is a “textbook” example of unloading. The team cashed out 3.46 million SOL through presale, and after deducting the shares from the three major exchanges (estimated at 2.5 to 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 loss is minimal, while the retail investors’ 3.46 million investment has almost been cut in half. The community calculates that for the presale investors to break even, $Mikami needs to rise above 0.5 USD, with the market value returning to 17.5 million—this is nearly impossible under the current market sentiment.

The conspiracy theory of “Guoren Pan” has not been officially confirmed, but the community’s anger reflects the deep distrust of retail investors towards opaque operations. Some summarized: “This is not the fault of San Shang, but rather that we believed too much in the wealth creation myth of meme coins.” Another user joked: “Teacher San Shang taught us a lesson: there are no free lunches in the crypto circle, only expensive tuition fees.”

The “lying win” on the third and the fans’ “tuition”

For Yua Mikami, the financial impact of this incident is negligible. It is estimated that, assuming a typical revenue split between stars and their agencies, she profits between $2.5 million and $3.11 million from pre-sales, far exceeding her previous appearance fee of 100,000 yen. The community sighs: “The wealth in the crypto world comes too suddenly; fans have paid tuition to the ‘enlightenment teacher.’” Whether she actively managed the situation or merely provided brand authorization, Mikami’s personal image has not suffered significantly, and fan loyalty remains strong.

In terms of cultural influence, $Mikami has 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 Chinese investors may drive up the coin price due to San’s appeal, especially if the exclusive benefits spread. Some jokingly ask, “Is 1 fan worth 1 dollar or 10 dollars?” referring to the potential value of San’s 8.23 million X fans.

Celebrity Meme Coin 2025: Revelry and Pitfalls

The rise and fall of $Mikami is just the tip of the iceberg of 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, 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 saw even steeper declines of 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 and surviving on speculation and market sentiment. The total market cap of Solana’s meme coins is projected to reach $93.9 billion by 2025, but it is highly volatile. Projects like $Mikami, which have 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 been spared either.

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.” However, there are also optimists. Iggy Azalea interacts with fans through X, building trust, and the $Mikami DAO and AI initiatives also suggest similar potential, although the execution remains questionable.

The Inspiration and Future of $Mikami

The collapse of $Mikami serves as a wake-up call for investors and celebrities. For fans, meme coins are entertainment, not investments, and funds should be treated with the same caution as “tipping a streamer.” For celebrities, the temptation of high profits must be balanced against the risk to their reputation—Mikami’s silence after the collapse does not help regain trust. For the crypto community, transparency, adequate liquidity, and practical use are key to escaping the “quantum scam” label.

At present, the fate of $Mikami is uncertain. Whether it can rebound to the break-even point of $17.5 million depends on whether Mikami delivers on its promises—fan activities, DAO governance, or a virtual “temple.” For now, it remains a fleeting illusion amidst the frenzy of the crypto world. As the community says: “Beauty fades, but scarcity endures—provided the market buys it.”