On May 8, 2025, the highly anticipated personal meme coin $Mikami by Yu Misaka officially launched, once soaring to a peak market value of $16.9 million. However, just hours later, this digital token, which many fans had high hopes for, rapidly collapsed, plummeting by 96%, instantly evaporating over $16 million in market value, plunging investors into panic and despair.
This seemingly glamorous digital currency feast hides enormous risks and investment traps in the meme coin market. During the presale phase, $Mikami attracted over 10,000 investors, raising $3.46 million, which thrilled many fans. However, when the token quietly went online in the early hours, the price plummeted from a peak of $0.8 to $0.03, and a massive sell-off triggered a liquidity crisis, causing investors' funds to nearly evaporate.
Why has the $Mikami coin dropped so severely?
1. Lack of liquidity will inevitably lead to a crash
The total supply of tokens is 69 million, but only 15% is injected into the liquidity pool, which is far from enough to support large sell orders, leading to extreme price vulnerability. Once a whale sells off, the market crashes instantly, and retail investors can only watch their assets shrink.
2. The issuance strategy raises doubts
Choosing to launch at 2 AM, a less popular timing, led to delayed reactions from investors, causing some early holders to quickly sell off for profit, resulting in a chain reaction of price drops. This timing arrangement has been widely criticized as a common trick to 'harvest' investors.
3. The project lacks substantial support
As a typical meme coin, $Mikami lacks clear application scenarios and long-term development plans, relying solely on celebrity effects and speculation to drive up prices, making it difficult to form a stable community and ecosystem.
Yu Misaka herself responded: just a spokesperson, not involved in management
In response to investor doubts, Yu Misaka stated that she is merely the spokesperson for the coin and has not participated in the issuance and management decisions, and cannot control the price fluctuations. This statement intensified investors' concerns and anger.
Points to be cautious about when investing in meme coins
High volatility coexists with high risk
Meme coins are easily manipulated, with severe price fluctuations, making it easy for ordinary investors to get trapped.
Lack of transparency and governance
Token holdings and liquidity distribution are opaque, and the operators control substantial funds, making it difficult for retail investors to protect their interests.
Celebrity effect is not an investment guarantee
Even with a big-name endorsement, project safety cannot be guaranteed; investment decisions should be based on the project itself rather than celebrity influence.
The recent crash of Yu Misaka's coin serves as a typical warning in the meme coin market. For investors who are keen on chasing trends and celebrity endorsements, this is a painful lesson: in the whirlwind of digital currency, rationality and vigilance are always more important than blindly following the crowd.
Regardless of how hot the speculation is, the key to success or failure is whether the project has substantial value. Before investing, be sure to do your homework to avoid becoming the next victim of a sharp decline.
