1. Arrest rumors: Is there really big news or just gossip in the crypto circle?

X platform KOL @cryptobraveHQ revealed: The $MIKAMI team in China was 'invited for tea' by the police in Japan for not filing with the Financial Services Agency (FSA), and it was claimed that Mikami Yua personally reported it, making the plot comparable to a suspense movie! But is this news reliable?

The turnaround has come!

KOL @_FORAB and others come out to 'debunk':

  • Non-Japanese project: $MIKAMI is based on the Solana public chain, not a Japanese entity, has not raised funds or promoted in Japan, and relies solely on Mikami's X account with 8.2M followers for promotion, targeting the Chinese market.

  • Mikami distanced herself: she stated that she is just a 'brand ambassador' and has not participated in operations; the project is managed by Mikami Digital Collectibles LLC and is explicitly not aimed at Japanese users.

  • Arrest? No sign of it! There have been no arrests of token project parties in Japan in the past three years, and mainstream media like NHK and Nikkei have made no mention of 'arrests', with most news on X being 'keyboard warriors' speculation.

Conclusion: Currently, there is no official or mainstream media endorsement of the arrest rumors; they are likely 80% just urban legends in the crypto world. Want to know more? Put down the seeds and observe calmly!

2. Why did $MIKAMI fail? The 'idol halo' turned into a 'harvesting scythe.'

  • High-profile debut: On April 30, 2025, Mikami announced $MIKAMI with the lofty slogan of 'fan economy + AI + DAO', raising $3.46 million (23,333 SOL) in 72 hours, with over 10,000 addresses flocking in, creating a scene comparable to a 'crypto Spring Festival Gala.'

  • An 87% crash: After launching on May 8, the price skyrocketed like a 'rocket'—plummeting to the bottom! The market cap shrank from $16.9 million to $2.8 million within hours, with a 24-hour trading volume of only $30,000, leaving fans crying out: 'My wallet has been wiped clean by my idol!'

  • The truth about the crash:

    • Unlimited fundraising: No hard cap on the pre-sale, 20% token allocation unclear, team suspected of cashing out at high levels, leaving retail investors as 'bag holders'.

    • Liquidity issues: Only 15% of tokens went into the liquidity pool, trading depth was thin as a cicada's wings, and the market collapsed with just one dump from the whales.

    • Timing conspiracy: The launch was chosen at midnight Beijing time, creating information asymmetry, likely facilitating internal players to sell off.

    • Marketing fluff: 5% of the marketing budget and 10% of community allocation lack transparent records, suspected of hiring 'water army' on X platform for fake reviews and false prosperity.

3. Mikami Yua's response

Mikami has urgently 'cleared the air' through X: she is just the 'brand mascot' of $MIKAMI and has not been involved in operations; the project is run by Mikami Digital Collectibles LLC, and she promises to be more careful in future collaborations.

4. Key signals and lessons

  • Regulatory red line: The Japanese Financial Services Agency has strict regulations on token issuance; not filing could be illegal, but $MIKAMI is based on Solana and did not raise funds directly in Japan, cleverly sidestepping the red line.

  • Celebrity token tricks: The crash of $MIKAMI exposes the 'celebrity halo + FOMO' model, attracting retail investors to chase high, while the team may have cashed out during the pre-sale.

  • Investment tips:

    • Don't let the 'idol filter' blind you; celebrity tokens carry extremely high risks, and fan enthusiasm should not turn into 'fuel for the chives.'

    • Check the white paper, token allocation transparency, and team background to avoid 'airdrop token' traps.

    • The Solana ecosystem is favored by meme coins due to low fees and high speed, but the sharp rise and fall of similar projects in 2024 shows that rationality is key.

Epilogue: There is no 'idol burden' in the crypto world.

$MIKAMI's journey from the dream bubble of 'fan economy' to the cold reality of an 87% drop can be considered a textbook case of a celebrity token 'failure' in 2025. Although the arrest rumors have not been confirmed, the project's opaque mechanisms and manipulation suspicions have left retail investors with significant losses. This incident reminds us: in the crypto world, looks don't matter; only calm judgment can help avoid the 'FOMO scythe.' Do you think this is the price of chasing stars or just a blockchain carnival?