$Mikami's collapse turned fan fervor into expensive tuition, and the tactics of domestic operators re-emerged!
Yuuya San Shang, this name once ignited the Japanese entertainment industry. From SKE48 idol to adult entertainment superstar, she has repeatedly reshaped herself with keen business acumen. However, in 2025, she entered Web3 with the $Mikami token, sparking a storm in the crypto world that intertwined fan fervor with retail investor nightmares. This is not just a fervent experiment of celebrity meme coins; it also exposes the cold tactics of 'domestic play' operators and the harsh truths of the market.
From NFTs to tokens: San Shang's Web3 ambitions.
In 2021, San Shang sold 28 NFT 'art photos' at a maximum price of 170,000 RMB each, igniting fans' enthusiasm for digital assets. By the end of April 2025, she launched the $Mikami token plan through the X platform, instantly stirring excitement in both the crypto and fan communities. Based on the Solana blockchain, $Mikami sketches a grand vision: integrating 'temple economy', AI virtual images, DAO governance, and exclusive benefits for fans (such as meet-and-greets and concerts). The white paper outlines a total supply of 69 million tokens: 50% allocated to San Shang (locked until 2069), 20% for presale, 15% for liquidity, 10% for the community, and 5% for marketing. The initial circulating market value was 8.45 million USD, and the scarcity and 'future value' drew fans in droves.
San Shang posted emotionally on X: 'Beauty fades, scarcity endures. The future belongs to believers.' The official account announced the presale price: 0.00169 SOL for 1 $Mikami, approximately 0.245 USD. The design of locking 50% of the tokens raised price expectations, but the X community sounded the alarm: most fans are enthusiasts of 'free content', making it unrealistic to inflate meme coins. There are also rumors that an Asian operator may be behind the project, with San Shang merely 'selling her name' for quick profits.
Presale frenzy: a 3.46 million USD fan feast.
On April 30, the $Mikami presale started, with 10,461 addresses investing 23,333 SOL, about 3.46 million USD within 72 hours. Solscan data shows that 94.4% of investors contributed less than 1 SOL (about 150 USD), clearly dominated by retail investors. However, 0.1% of large holders, including one whale who spent 574 SOL (about 84,000 USD), accounted for 17.8% of the funding pool. The average investment per person was 1.35 SOL (about 200 USD), marking a 'fan economy' carnival.
However, the distribution structure harbors hidden dangers. The 50% token lock-up appears to promise long-term commitment, yet it compresses circulation and raises expectations, leading the community to question its authenticity: 'Who guarantees it won't be unlocked before 2069?' The 5% marketing budget and 10% community allocation lack transparent records, with trending searches and bot comments on the X platform suspected to be driven by marketing funds, creating an illusion of prosperity. 'This 5% probably went to buying bots and KOL endorsements, while the 10% community share ended up in the team's pockets!' one user sarcastically remarked.
Midnight crash: the 'sneak attack' nightmare for retail investors.
In the early hours of May 8, $Mikami quietly launched on the Solana chain, with the official X account announcing that airdrops would be distributed in the order of presale. The initial market value was 16.9 million USD, with a circulating market value of 8.45 million. However, before midnight, joy turned into a nightmare. By 4 a.m., the price plummeted from 0.245 USD to 0.1 USD, a 60% drop. By morning, the market value shrank to 7.8 million USD, an 85% decrease from its peak, almost 'tenfold to zero'. 'This is simply a sneak attack!' one user angrily exclaimed, accusing the midnight opening of paving the way for 'large holders to clear their positions'.
The data is shocking: the presale investment of 3.46 million USD is now worth only 1.56 million, requiring the market value to rise to 17.5 million to break even, with doubling out of reach. The 15% liquidity is virtually meaningless in low-volume DEX pools, leading to price chaos. Solscan shows that within minutes of launch, several large addresses sold millions of tokens, causing a price avalanche. The community pointed fingers at the 'domestic play': the midnight opening caught retail investors off-guard while large holders had already cashed out, epitomizing the classic tactic of 'increasing prices to offload to retail investors'.
'Domestic play' conspiracy: the cold calculation of operators.
The X community is buzzing about the 'domestic play', speculating that the project is led by a Chinese operating team, with San Shang only as the brand front. Evidence includes the precise design of fundraising and launch: the presale of 3.46 million SOL corresponds to 13.8 million $Mikami tokens, resulting in a high premium cash-out; the 15% liquidity (10.35 million tokens) is insufficient to support trading and is easily manipulated. Launched at midnight Beijing time, retail investors were resting, and Asian and Western investors struggled to respond in time due to time zone differences, suspected of being a 'time difference tactic'. In 2024, other meme coins like $NEIRO and $SPX6900, also operated by Chinese teams, launched late at night, with insiders cashing out early, leaving retail investors with significant losses.
$Mikami's operation is a 'textbook-style' cash-out. The team cashed out 3.46 million SOL, deducting San Shang's share (around 2.5-3.11 million USD), with the remaining funds covering costs. The market value plummeted to 7.8 million, with minimal losses for the team, while retail investors faced nearly halved investments. The chaos of airdrops—some users did not receive tokens or only received partial amounts—exacerbated the trust crisis, with the community suspecting that the team delayed airdrops to repurchase at lower prices, further pushing down prices.
San Shang's 'lying win' comes at the expensive tuition of fans.
For San Shang, the turmoil is inconsequential. It is estimated that she profited 2.5-3.11 million USD, far exceeding her previous single appearance fee of 100,000 yen. Whether actively operating or merely authorizing the brand, her image remained largely unscathed, and fan loyalty remained robust. The community lamented: 'Wealth in the crypto world comes too quickly; fans paid tuition for their 'enlightenment teacher'.
Culturally, $Mikami ignited a fascinating collision between fans and speculation. Benefits like signed posters and VIP events drove fan enthusiasm, with the potential value of 8.23 million X fans humorously dubbed 'Is 1 fan worth 1 USD or 10 USD?'. Asian investors may have boosted token prices due to San Shang's appeal, but the collapse shattered their dreams.
2025 Celebrity Meme Coins: Revelry and Traps.
$Mikami is merely a microcosm of the 2025 wave of celebrity meme coins. Caitlyn Jenner's $JENNER dropped from 42 million USD to 357,000, Jason Derulo's $JASON and Waka Flocka's $FLOCKA plummeted by 97-99%. In November 2024, Jenner was sued for false advertising, highlighting legal risks. The average lifespan of meme coins is only 27 days, surviving on speculation, with the total market value of Solana meme coins reaching 93.9 billion USD by 2025, yet with extreme volatility. Projects like $Mikami, with low liquidity and high concentration, are particularly susceptible to manipulation; analysis of $MOTHER by Bubblemaps shows that sniper bots claimed 20% of the supply, and $Mikami may not escape this fate.
Critics argue that celebrity meme coins exploit fan loyalty, turning emotions into speculative traps. Nick Vaiman from Bubblemaps stated, 'Failed projects drain retail liquidity and fail to deliver on promises.' However, optimists see potential: Iggy Azalea built trust through interactions on X, and the $Mikami DAO and AI plans also show promise, although execution remains questionable.
Epilogue: There are no free lunches in the crypto world.
$Mikami's rise and fall serves as a cautionary tale for celebrity meme coins. Fans' fervor inflated the bubble, while the operating tactics harvested retail investors; San Shang 'lying win' came at the expensive tuition of fans. One user joked: 'Teacher San Shang taught a lesson: there is only expensive tuition in the crypto world.' In the future, the wave of celebrity meme coins might continue, but long-term sustainability requires practical value. Investors should be wary of low liquidity and insider trading, and approach the fervor of 'fan economy' with caution.
