1. Arrest rumors: Web3 drama or on-chain gossip?

A certain KOL dropped a bombshell 'exposé': the $MIKAMI China team is suspected of 'on-chain law enforcement' by Japanese authorities for not registering with the Japanese Financial Services Agency (FSA), and there are even rumors that Yua Mikami personally 'reported' them, making the plot comparable to a Hollywood-level decentralized thriller! But is this 'on-chain melon' true or false? Narrative twist!

KOL @_FORAB and other community members quickly 'debunked' the claims, restoring the on-chain truth:

  • Non-Japanese native project: $MIKAMI is based on the Solana public chain, its entity is overseas, not fundraising or promoting in Japan, only using Yua Mikami's X account with 8.2M followers for global marketing, mainly targeting the Chinese market.

  • Mikami clarifies: Mikami stated through X that she is merely a 'brand ambassador' and did not participate in protocol operations; the project is led by Mikami Digital Collectibles LLC, clearly not targeting Japanese users.

  • Arrest? No evidence found on-chain! Japan has not seen any law enforcement records against token projects in the past three years, and mainstream media like NHK and Nikkei have not reported on the 'arrest' rumors. The heated discussions on X seem more like the FUD (Fear, Uncertainty, Doubt) narrative of 'on-chain keyboard warriors.'

On-chain conclusion: Arrest rumors lack off-chain official endorsement or verifiable on-chain evidence, likely being 'decentralized urban legends' of the Web3 community. Want to eat melons? First pause Gas fees and calmly observe on-chain dynamics!

2. Why did $MIKAMI crash? The 'idol halo' turned into a 'scalping tool.'

High-profile on-chain: On April 30, 2025, Yua Mikami announced $MIKAMI, proclaiming the Web3 vision of 'fan economy + AI-driven + DAO governance,' completing a presale of 3.46 million USD (23,333 SOL) in 72 hours, attracting over 10,000 addresses to participate, making it a 'Spring Festival Gala on-chain' in the Solana ecosystem.

87% crash: After launching on May 8, the price of $MIKAMI plummeted like an NFT floor price! In just a few hours, the market cap shrank from 16.9 million USD to 2.8 million, with only 30,000 USD in on-chain trading volume within 24 hours; the community exclaimed, 'My wallet was liquidated by the idol!'

Crash decoding:

  • Unlimited tokenomics: The presale did not set a hard cap, 20% token distribution lacks on-chain transparency, suspected team selling at high points, retail investors instantly becoming 'on-chain bag holders.'

  • Liquidity black hole: Only 15% of tokens injected into the liquidity pool, on-chain depth is like a 'thin pool,' and a market maker's sell-off immediately triggers a price avalanche.

  • Arbitrage through time difference: Launch time was set at midnight in Beijing, amplifying information asymmetry, suspected to provide 'first-run window' for internal players.

  • Marketing bubble: 5% of the marketing budget and 10% of community incentives were not disclosed on-chain, suspected to hire 'on-chain water army' through the X platform to inflate volume, creating a false prosperity narrative for Degen.

3. Yua Mikami's on-chain response

Mikami urgently 'decentralizes' through X: She is merely the 'brand NFT mascot' of $MIKAMI, without touching protocol governance or on-chain operations, with the project fully managed by Mikami Digital Collectibles LLC, promising that future collaborations will 'focus more on on-chain transparency.'

4. On-chain signals and Web3 lessons

Regulatory red line: The Japanese Financial Services Agency has tightened regulations on token issuance (ICO/IDO); not registering may trigger off-chain law enforcement, but $MIKAMI is based on Solana, its entity not in Japan, and did not directly solicit funds from Japanese users, cleverly circumventing regulatory gray areas.

Celebrity token tactics: The crash of $MIKAMI exposes the Web3 tactic of 'star halo + FOMO drive': attracting retail investors to chase high through celebrity endorsements, while the team may complete 'on-chain harvesting' during the presale stage.

Investment tips:

  • Breaking the idol filter: Celebrity tokens carry extremely high risks, and fans' on-chain enthusiasm can easily be converted into 'Gas fee fuel.'

  • Due diligence on on-chain data: Review the white paper, tokenomics transparency, and team on-chain addresses, avoiding the 'airdrop protocol' trap.

  • Solana ecosystem double-edged sword: Low Gas fees and high TPS make Solana a paradise for meme coins, but in 2024, several similar projects experienced 'explosive rises and falls'; on-chain rationality is the way to survive.

Epilogue: Web3 without 'idol baggage'

$MIKAMI fell from the on-chain utopia of 'fan economy' into the cold reality of an 87% crash, becoming a textbook case of a celebrity token 'car crash' in 2025. Although the arrest rumors have not been confirmed on-chain or off-chain, the project's opaque tokenomics and potential 'market maker manipulation' have left retail investors with nothing. This storm reminds us: Web3 does not look at 'appearance'; only on-chain due diligence and calm judgment can avoid the 'FOMO scythe.' Do you think this is the cost of chasing stars in Gas fees, or a decentralized carnival of blockchain?

$SOL #山寨季何时到来？