In the ever-evolving cryptocurrency market, all sorts of novel projects are emerging. Today, I want to talk about the latest buzz in the cryptocurrency market, which is the former top Japanese female artist Mikami Yua entering the cryptocurrency market with her '#Mikami ' coin. When I heard that the project's white paper claimed to shove fan economy, AI agents, DAO governance, and shrine beliefs all into the blockchain, my shock was indescribable; not even the fanciest snail noodles could suppress it. This sounds like a 'quantum superposition scam' of contemporary internet!
One, from photo NFTs to issuing coins, Mikami Yua's path to wealth.
Teacher San's foray into Web3 can practically be written into a textbook for cultivating crypto leeks. Back in 2021, when the NFT bubble was peaking, she launched 28 'art photo NFTs,' which astonishingly set a record with a single transaction of 170,000 yuan. At that time, leeks were truly unyielding, using real money to validate the so-called ultimate meaning of 'LSP economics': as long as they stored the teacher's works on their hard drives, they dared to send digital certificates money. It must be said that the madness of the market back then was evident.
By February 2025, she appeared at a bar in Lan Kwai Fong, Hong Kong, participating in an exchange event, where those slightly perceptive in the industry sensed something unusual. Sure enough, two months later, the Mikami coin appeared on the Solana chain, and its token distribution table was even more stimulating than the profit-sharing plan from 'Let the Bullets Fly.' 50% is locked until 2069, which is like carving the private key on the face of the Terracotta Warriors of Qin Shi Huang, leaving no hope of unlocking; 20% of the presale shares are clearly designed for those so-called 'big brothers' to run first; and the 5% marketing budget raises suspicions about whether it's for advertising on the dark web.
I personally think that Teacher San's series of actions, from NFTs to issuing coins, seem to be constantly following trends, but in reality, they are leveraging fans' enthusiasm and the market's frenzy to accumulate wealth. But can this wealth code built on hype and gimmicks last?
Two, token distribution: seemingly enticing but actually fraught with traps.
Let's carefully analyze the token distribution mechanism of this Mikami coin; it's like a meticulously designed 'Hunger Games.' 50% is locked until 2069, which is incredibly high, almost absurd. By the time it unlocks, Teacher San will be 76 years old, and by then, there may be more virtual aunts dancing in the metaverse than token holders. The lock-up period is so long that it clearly paints a huge pie for the token holders, but whether they can eat it depends on luck.
20% of the presale shares, isn't that clearly letting the 'crypto vultures' eat their fill first? Think about the classic operation where a certain animal coin's manipulators pumped it at 3 AM and ran at 5 AM; those who got shares early are likely comrades of the manipulators, who can manipulate prices at the right time, turning ordinary investors into bag holders.
With a 15% liquidity pool, estimated at the current SOL price, the opening market value is roughly equivalent to three years' salary of Teacher San (10 million yuan). However, considering the average turnover rate of meme coins is 2000%, this is enough for the manipulators to play ten rounds of 'Russian roulette.' They can use the high turnover rate to create price volatility, thus achieving the goal of harvesting unsuspecting investors. This token distribution mechanism is completely unfair to ordinary investors and lays hidden dangers for market instability.
Three, project roadmap, beautiful vision or harvesting scheme?
Looking at the four major phases planned by the project team, it’s a quintessential 'blockchain patchwork monster.' The so-called shrine economy, tokenizing the fans' pilgrimage behavior, reminds me of a magical case in Japan where a temple issued 'merit NFTs,' leading to monks going bankrupt from trading coins. Linking belief with economic benefits inherently carries significant issues, easily triggering market chaos and moral controversies.
AI agents claim to create a virtual Mikami, but the reality is that 99% of AI projects are just using ChatGPT in a shell, with results comparable to a 9.9 yuan custom girlfriend service on Taobao. This is clearly deceiving investors, waving the banner of high technology, while in fact, it offers no substantial innovation or value.
DAO governance superficially allows token holders to vote, but in reality, it reserves a super admin key. Isn't that contradictory? Referencing the absurdity of a well-known DAO project founder claiming 'the private key was eaten by a cat' after absconding with $40 million, this so-called governance mechanism cannot protect the rights of token holders; it merely provides convenience for the project team to control the market.
Four, fan economy and cryptocurrency, what sparks can they ignite?
From the perspective of fan economy and cryptocurrency Ponzi schemes, this project also has many problems. Based on Mikami Yua's current Twitter follower base of 8.23 million, the token market value could fluctuate between 8.23 million and 82.3 million dollars. But don't forget the unique 'silent fan' phenomenon in the adult industry; those seasoned veterans may prefer to buy ten physical discs rather than leave permanent trading records on the blockchain. This leads to actual purchasing power being only about 20% of the surface data.
Moreover, the rich who spent 170,000 yuan on photo shoots are now 99% stuck in the digital collectibles market. The logic of fan voting completely fails in cryptocurrency trading; girl group voting is emotional consumption, while trading is a zero-sum game. Referencing the performance art of fans collectively unfurling banners at the exchange after a certain idol token plummeted 90%, it becomes clear that fans often end up being victims in such investments.
Additionally, the average career span of adult film stars is 5-8 years, while the median survival period of meme coins is only 27 days. This operation is equivalent to using yogurt with a shelf life of 3 days to make a ten-year brew. The project's lifecycle is severely mismatched with the actresses' professional cycles, which also increases investment risk.
In my opinion, this method of combining fan economy and cryptocurrency, while somewhat creative, is more about exploiting fans' emotions and the market's speculative psychology to gain profits. Fans can easily make blind investments due to their affection for idols, ultimately losing all their capital.
Five, the behind-the-scenes team, professional reapers or innovators?
From the clues revealed in the white paper, the behind-the-scenes team is likely the 'Dark World Goldman Sachs.' The token economic model perfectly replicates the 'four-stage harvesting method' of a certain exit scam project in 2024, with the distinction being the exchange of anime avatars for photos. Choosing Solana for cross-chain is due to its fast transactions and low fees, convenient for harvesting. The burning mechanism claimed to be deflationary may actually be used by manipulators to control the market. It seems this team may just be looking to harvest investors' leeks.
Six, investors, you should know these risks.
If you're still thinking about 'investing some SOL to pay tribute to youth,' then you'd better memorize the following survival guide.
Contract audit illusion; 98% of meme coin audit reports are worth approximately the picture of beef on instant noodle packaging, and cannot be fully trusted.
In the early stages of the project, liquidity may be poor, and a large order could cause the coin price to plummet. Furthermore, as regulation tightens, the Japanese Financial Services Agency is already investigating artist token projects. If something goes wrong, investors' money could disappear. There are also various technical risks; manipulators have many ways to exploit investors, and one misstep can lead to total losses.
Seven, what will this project look like in the future?
In the short term, the launch of Mikami coin may see price increases due to hype. However, in the medium term, after the manipulators cash out, the coin price may plummet, leading to heavy losses for investors. In the long term, by the time it unlocks in 2069, this coin may be forgotten and become a failed project.
In the cryptocurrency market, there are many cases like Mikami Yua issuing coins. As an investor, you must remain clear-headed and not be misled by appearances. When investing in high-risk projects like meme coins, don't put in too much money; treat it as entertainment. The market is harsh; only by continuously learning and improving your risk awareness can you avoid being harvested and protect your wallet.
Conclusion
Standing at the forefront of the times, we can't help but sigh that from photo DVDs to NFTs to meme coins, Teacher San has always been at the forefront of technological revolution. But as ordinary investors, we must maintain a clear mind. Always treat meme coins with an entertainment mindset, keeping the investment under the budget of tipping a live streamer, considering it as a form of entertainment consumption rather than a reliable investment method. Trust in market Darwinism; all the leeks that haven't been cut down by scythes will eventually complete their genetic mutations in a bear market, continuously learn and grow, and improve their investment capabilities and risk awareness.
This dark goddess with 17.5 million global followers in the adult entertainment industry is redefining 'fan economy' with blockchain technology. But we must understand that this so-called redefinition may merely be a new method of harvesting. From DMM to DEX, from Blu-ray discs to token burning, Teacher San has demonstrated through action that harvesting leeks doesn't require clothing. I hope everyone can protect their wealth in this tempting and risky market and not become a target of harvesting.
#SOL #MEME
