In the early hours of May 8, 2025, the $Mikami token quietly went live on the Solana chain. The official account announced the token's launch on the X platform, with airdrops distributed in the order of the presale time, an initial market value of 16.9 million USD, and a circulating market value of 8.45 million. However, before the midnight bell had chimed, joy turned into a nightmare. By 4 AM, members of the X community exclaimed that the token had 'collapsed', with the price plummeting from the presale price of 0.245 USD to 0.1 USD, a drop of 60%. By morning, the market value further shrank to 7.8 million USD, down 85% from the peak, nearly 'ten times to zero'. 'This is simply a sneak attack!' one community member angrily denounced, as the timing of the midnight launch seemed meticulously designed to catch retail investors in their sleep, allowing 'the leaders to exit first'.
The brutality of the data is suffocating: the 3.46 million USD of presale investors is now worth only 1.56 million USD, and to break even, the market value needs to rise to 17.5 million—more than double the current price. Liquidity accounts for only 15%, and in the low-volume DEX pool, prices run wild like untamed horses. The X community pointed fingers at the project's 'domestic attributes', suspecting that the behind-the-scenes team had meticulously planned a 'harvest' of retail investors. 'The midnight launch caught retail investors still dreaming, while the big players had already cleared their positions,' one user harshly criticized, 'This is a typical domestic project trick: pump and dump, retail investors are left holding the bag.'