The online launch of Yuya Mikami coins plummeted by 85%. Is it worth paying for fans' tuition?

Author: Luke, Mars Finance

On the cryptocurrency fanatic stage, celebrity meme coins pass by like meteors, dazzling but fleeting. On May 8, 2025, Japanese entertainment queen Yua Mikami's personal meme coin $Mikami was launched on the Solana chain, bringing the expectations of 17.5 million fans and the fundraising of 3.46 million US dollars, vowing to set off a revolution in the fan economy. However, a few hours later, the token price plummeted 85%, and its market value shrank from US$16.9 million to 7.8 million, and pre-sale investors lost all their money, and the community was filled with grief. This is not only a "sneak attack" in the currency circle, but also a microcoin craze for celebrities.

From idol to currency circle: Web3 on Sanshang

Yua Mikami, this name is well-known in the entertainment industry in Japan and even Asia. From her debut as an idol in 2009 to her transformation into a superstar entertainment, she has reshaped herself again and again with her keen sense of business. In 2021, her 28 NFT "art photos" were sold for up to RMB 170,000 each, proving fans' fanaticism about digital assets. When she previewed the $Mikami token plan through X platform at the end of April 2025, the currency circle and the fan circle were in full swing at the same time.

$Mikami has a grand vision: relying on the low fees and high efficiency of Solana blockchain, it will create an ecosystem that integrates "tea economy", AI virtual image, DAO governance and fan-only experiences (meetings, concerts, etc.). The white paper outlines clear distribution: the total supply is 69 million, 50% belongs to Sanshang himself (locked to 2069), 20% for pre-sales, 15% for liquidity injection, 10% for community distribution, and 5% for marketing. In the early stages of the token launch, the circulating market value is expected to be US$8.45 million, and fans are ignited by "scarcity" and "future value".

Presale Mania: $3.46 million fan carnival

On April 30, the pre-sale of $Mikami kicked off, attracting 23,333 SOLs at 10,461 addresses in 72 hours, equivalent to about $3.46 million. According to Solscan data, 94.4% of investors contribute less than 1 SOL (about US$150), showing a retail-dominated landscape. However, 0.1% of the big players—including a giant whale that spent 574 SOL (about $84,000)—occupies 17.8% of the funding pool. The average investment of 1.35 SOL per person is about $200, which is a typical "fan economy" feast.

Sanshang's post on X was like a fire: "Beauty will pass away, scarcity will last forever. The future belongs to those who believe in it." The official account further fueled the fire, announcing the pre-sale cost of 0.00169 SOL to exchange for 1 $Mikami, with a unit price of about $0.245. 50% token locking means limited circulation, which theoretically supports price stability. However, there has been an alarm bell ringing in the X community. Some people questioned the consumption ability of Sanshang fans: "Most of her fans are 'free content' enthusiasts, and it's a bit naive to expect them to push up the Mein Coin." Some people also speculate that there is an Asian market trader behind the project, and Sanshang just "sells his name" to make quick money.

Midnight crash: retail investors' "sneak attack" nightmare

In the early morning of May 8, 2025, the $Mikami token was quietly launched on the Solana chain. The official account announced that tokens will be launched on the X platform, and the airdrop will be distributed in the order of pre-sale time. The initial market value is US$16.9 million and the circulating market value is 8.45 million. However, the midnight bell has not yet sounded, and joy has turned into a nightmare. By 4 a.m., members of the X community exclaimed that the token had "collapsed", and the price fell from pre-sale $0.245 to $0.1, plunging 60%. By the morning, the market value further shrank to US$7.8 million, down 85% from its highest point, almost "ten times zero". "This is simply a sneak attack!" A community member angrily rebuked. The opening time of the midnight market seemed to be carefully designed, and he specifically "selected" the sleep time of retail investors, so that "leaders can go first."

The cruelty of the data is suffocating: the $3.46 million of pre-sale investors is now worth only $1.56 million, and the market value will increase to 17.5 million to recover — more than double the current price. Liquidity accounts for only 15%, and in the low-volume DEX pool, the price is out of control like a wild horse. The X community pointed the finger at the project's "Chinese market" attribute, and suspected that the trading team behind it carefully planned a "harvest" for retail investors. "The opening in the middle of the night, retail investors are still in their dreams, and the big investors have already cleared their positions," one user denounced, "This is a typical Chinese project routine: push up shipments, retail investors take over."

The conspiracy of "Chinese people"?

Amid the hot discussion in the X community, "Chinese People's Disk" has become the keyword for the collapse of $Mikami. Community members speculated that the project team may be dominated by traders with Chinese backgrounds, and Yuya Mikami is only used as a brand facade, and the actual operation will be handed over to a team familiar with the currency trap routine. One of the evidence supporting this speculation is the precise design of fundraising and opening. During the pre-sale stage, the $3.46 million fund pool seemed huge, but the 20% token allocation only corresponds to $13.8 million, which means the team quickly cashed out through a high premium. In contrast, 15% liquidity allocation (about 10.35 million tokens) is far from enough to support market trading, and the thin liquidity pool makes prices extremely easy to manipulate.

What's more eye-catching is the choice of opening time. The launch of midnight Beijing time coincides with the rest period of Chinese retail investors, while investors in other Asian regions (such as Japan) and European and American markets are also difficult to respond instantly due to the time difference. This "time difference tactic" is not new in the currency circle. Community members recalled that in 2024, multiple Solana meme coin projects also used similar techniques to create information asymmetry by launching online late at night, allowing insider traders to take the lead in shipment. A user analyzed: "Opening in the early morning, robots and internal addresses can be cleared in seconds, and retail investors wake up with only the endgame." Solscan data shows that within minutes after $Mikami went online, multiple large-scale addresses sold millions of tokens, resulting in a price avalanche, which indirectly proved this speculation.

The token allocation structure further intensifies the fermentation of conspiracy theories. 50% of the tokens locked to 3 to 2069, ostensibly a "long-termist" commitment, but in fact, it compresses circulation to half, pushing up initial price expectations. However, the community questioned the authenticity of this part of the lockdown: "Who can guarantee that it will not be unlocked secretly before 2069?" What is even more disturbing is that 5% of the marketing budget and 10% of the community allocation lack transparent usage records. Someone revealed that the $Mikami hot searches and naval comments on the X platform were suspected to be driven by marketing funds, creating a false prosperity. "This 5% is probably used to buy robots and KOLs to call orders," one user sarcasticated. "Where is 10% of the community? I'm afraid it's the team's pocket."

Retail investors' "tuition fees" and trading routines

The community’s criticism of “Chinese people” is not groundless. China's crypto projects are known for their "efficient execution" and "strong community mobilization" in the global currency circle, but they are often criticized for "cutting leeks". Solana meme coins such as $NEIRO and $SPX6900 in 2024 were all operated by Chinese teams. They soared in the early stages of listing, and then quickly returned to zero, leaving retail investors in a mess. $Mikami's model is exactly the same: high-profile pre-sales attract money, thin liquidity pushes up volatility, and late-night online creates panic selling. Community members lamented: "If you dare to show up in the public, you must at least have some face, but retail investors will always be the last link."

It is worth noting that the $Mikami collapse was not entirely intentional. The meme coins on the Solana chain is full of speculation, thin liquidity is a common problem, and the FOMO sentiment of retail investors has also laid the groundwork for the price bubble. One user reflected: "Who can we blame ourselves for chasing highs? The name of Sanshang is just a hook, and the market is the real fishing market." However, the chaos of airdrop distribution

• some users did not receive tokens or only received part - exacerbated the trust crisis. The community speculated that the delay in airdrops may be the team's intentional delay in order to repurchase tokens at a low price, further reducing the circulation price.

The calculation of trading and the ruthlessness of the market

From a trading perspective, $Mikami's midnight crash is a "textbook-style" shipment. The team cashed out 3.46 million SOL through pre-sales, deducting the share of the three (estimated US$2.5-3.11 million), and the remaining funds are enough to cover development and marketing costs. Even though the market value fell to 7.8 million, the team's actual losses were minimal, while retail investors' investment of 3.46 million was almost cut in half. According to community calculations, in order to get pre-sale investors to recover their capital, $Mikami needs to rise to more than $0.5 and its market value returns to 17.5 million - this is almost impossible under the current market sentiment.

Although the conspiracy theory of "Chinese trading" has not been officially confirmed, the anger of the community reflects the deep distrust of retail investors in opaque trading. Someone summarized: "This is not Sanshang's fault, it is because we believe in the myth of making money by meme coins too much." Another user joked: "Teacher Sanshang taught us a lesson: there is no free lunch in the currency circle, only expensive tuition fees."

Sanshang's "Lying Win" and the "Tuit Fees" of fans

For Yua Mikami, the financial impact of this storm is minimal. It is estimated that assuming that according to the usual share of stars and brokerage companies, she made $2.5 million to $3.11 million from pre-sales, far exceeding her previous 100,000 yen per appearance. The community lamented: "The wealth in the currency circle came too suddenly, and fans paid the tuition for the "Enlightenment Teacher". Whether she was actively operating or only providing brand authorization, Sanshang's personal image was not severely damaged, and the fan loyalty was still strong.

On the cultural impact, $Mikami ignited a fantastic chemistry with speculation. The exclusive benefits promised by the tokens - signature posters, VIP events, etc. - are attracting fans. The community speculates that Chinese investors may push up the currency price due to the appeal of the three leaders, especially if exclusive benefits spread. Some people joked: "1 fan = 1 USD or 10 USD?" It alludes to the potential value of 8.23 ​​million X fans of the three.

Celebrity Meme Coin 2025: Carnival and Trap

The rise and fall of $Mikami is just the tip of the iceberg of the 2025 celebrity meme coin wave. From Caitlyn Jenner's $JENNER to Iki Azalia's $MOTHER, celebrities flocked to Solana, chasing a win-win situation between fan economy and huge profits. However, reality is cruel. $JENNER fell from $42 million to 357,000, with Jason Drewlow's $JASON and Vaka Floka's $FLOCKA plunging 97-99%. In November 2024, Jenna was sued for false propaganda, highlighting legal risks.

Data shows that the average life span of meme coins is only 27 days, and most of them lack intrinsic value and survive on speculation and market sentiment. Solana's total market value of meme coins reached US$93.9 billion in 2025, but it fluctuated violently. Projects like $Mikami that have low liquidity and concentrated internal distribution are very easy to manipulate. Bubblemaps analyzed $MOTHER and found that sniper robots seized 20% of the supply when they were launched, and $Mikami might not be spared.

Critics argue that Celebrity Meme Coin utilizes fan loyalty to transform emotions into speculative traps. "The failed projects drain retail liquidity but cannot fulfill their promises," Bubblemaps' Nick Vaiman told PANews. But there are also optimists. Iki Azaria has built trust with fans through X, and $Mikami’s DAO and AI plans also suggest similar potential, despite doubts in execution.

The Revelation and Future of $Mikami

$Mikami's collapse sounded a wake-up call for investors and celebrities. For fans, meme coins are entertainment, not investment, and investment should be as cautious as "rewards to anchors". For celebrities, the temptation of huge profits needs to be balanced with reputation risks - Sanshang's silence after the collapse does not help to regain trust. For the currency circle, transparency, sufficient liquidity and practical uses are the keys to get rid of the label of "quantum scam".

Currently, $Mikami's fate is uncertain. Whether it can rebound to a $17.5 million return point depends on whether the three-shang fulfills its promises—fan activities, DAO governance, or virtual "tea". At present, it is still a phantom in the cryptocurrency circle. As the community said, “Beauty will fade, scarcity will last forever—the premise is that the market buys it.”