Japanese artist Yua Mikami launched the meme coin $MIKAMI on April 30, which has swept the crypto market at an astonishing speed since its debut on the Solana blockchain, raising over $3.47 million (approximately 240 million RMB) in a 72-hour presale. However, after its listing, the price plummeted from $0.245 to $0.106, and the market cap shrank from $16.8 million to $7.8 million, shifting investor sentiment from frenzy to caution. This token, backed by 17.5 million fans, is both an experiment in the fusion of fan economy and blockchain, and has sparked heated discussions due to its high volatility and controversy.

Presale Frenzy: $3.47 Million in Fan Faith

The presale of $MIKAMI can be described as a phenomenal event in the meme coin market of 2025. On April 30, Yua Mikami announced the launch of a 72-hour presale on the X platform, raising 23,333 SOL (approximately $3.47 million). According to PANews, there were 17,560 participating addresses, with an average investment of 1.35 SOL (about $200), of which 94.4% were small investors (<1 SOL), indicating widespread enthusiasm among retail investors. The Hong Kong Economic Daily reported that the presale amount was equivalent to 95 million New Taiwan dollars, highlighting Yua Mikami's ability to attract funds.

The tokenomics design is clear: a total supply of 69 million tokens, with 50% held by Yua Mikami locked until 2069; 20% for presale, 15% injected into liquidity pools, 10% allocated to the community, and 5% for marketing. The official statement claims that the lock-up reflects a long-term commitment, but the high lock-up ratio raises liquidity concerns. The presale had no fixed price, and the token distribution ratio depended on the total amount raised, a mechanism criticized by blockchain analyst @ai_9684xtpa as having "high dilution risk." The project promises to empower token holders with governance rights through Mikami DAO and offers signed merchandise, VIP meet-and-greets, and AI interactive experiences to attract fans and speculators.

Market Crash: "Knee Cut" at Opening

The frenzy of the presale did not carry over to public trading. On May 8, $MIKAMI officially launched. On the opening night, the price dropped from the presale cost of $0.245 to $0.106, a decline of 57%. X user @cryptonerdcn noted that the market cap plummeted from $50 million to $7.8 million, describing it as a "10x drop with no return." DEX Screener showed the $MIKAMI/SOL trading pair price at $0.0001969, with missing 24-hour trading volume data reflecting low market activity.

According to CoinStats, as of May 8, the market cap of $MIKAMI was only $2.5897 million, with a trading volume of $65.46 million, but faced delisting risks due to low activity. Reasons for the price crash include: a high lock-up ratio leading to insufficient circulation, the speculative nature of meme coins amplifying market sentiment fluctuations, and a lack of sustained community momentum. X user @FLS_OTC pointed out that the project "opened trading while retail investors were asleep," exacerbating selling pressure.

Risk Controversies: Concerns of Harvesting Retail Investors and Regulatory Shadows

The controversy surrounding $MIKAMI extends beyond market performance; its operational model and potential risks have sparked widespread skepticism. Mars Finance analyzed that the tokenomics replicates a certain "four-stage harvesting" scam project from 2024, and while the 50% lock-up appears to show commitment, the unlocking period until 2069 is too distant, akin to "drawing a pie in the sky." BitRss reported that some users directly transferred SOL from centralized exchanges, and the lack of a refund mechanism increased operational risks.

Even more concerning is the ambiguity surrounding the project's background. X user @AB_KuaiDong revealed that the rights to the $MIKAMI token may have been transferred to Chinese entities, with marketing activities targeting the Chinese crypto community, possibly related to "pump and dump" scams on the Solana chain. Cointelegraph warned that scams involving Solana meme coins have been frequent recently, and celebrity tokens should be approached with caution regarding "harvesting retail investors" risks. Although the official statement claims not to sell to Japanese users, complying with the Financial Services Agency's regulations, the compliance risks for global investors cannot be ignored.

Community sentiment is divided. Some fans are optimistic about Yua Mikami's appeal, predicting that "1 fan = 1 dollar" could push the market cap to $82 million; however, more investors question its long-term value, stating that promises of meet-and-greets and AI companions are "far from realization." X user @ShinjukuSokai speculated that the project might emulate Trump tokens by launching offline events for large token holders, but this could also exacerbate retail investors' FOMO emotions.

Reflection on Meme Coins: The Game of Speculation and Trust

The rise and fall of $MIKAMI serve as a warning for the meme coin market. Tokens endorsed by celebrities can quickly attract funds, but the lack of intrinsic value and high volatility make it difficult to escape the speculative label. BlockBeats pointed out that the value of meme coins heavily relies on personal influence and the fulfillment of promises, as evidenced by Yua Mikami's 2021 NFT project "your NFT," which later saw dwindling interest. The low gas fees and instant confirmations in the Solana ecosystem may be suitable for meme coin speculation, but they also provide a breeding ground for "high-frequency harvesting."

For investors, the lesson from $MIKAMI is to be wary of the bubble created by celebrity effects, focusing on scrutinizing token distribution, liquidity, and team transparency. The official team needs to fulfill fan benefits, enhance DAO governance, and expand ecological applications to rebuild trust. In the future, if $MIKAMI can transform from a meme coin into a Web3 fan economy platform, there may be a chance for a turnaround; otherwise, it may become another laughingstock of "faith tax."

This article represents the author's personal views and does not reflect the stance or views of this platform. This article is for informational sharing only and does not constitute any investment advice to anyone.

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