The meme coin MIKAMI, linked to Japanese entertainment star Yua Mikami, saw a sharp price decline of over 80% shortly after its launch on May 8, 2025. Despite initial hype and a successful pre-sale that raised $3.4 million, the token's value plummeted to $0.1 within hours of launching. This crash is emblematic of the volatile meme coin market, where tokens often lack intrinsic value and are vulnerable to manipulation. MIKAMI's downfall was exacerbated by its tokenomics structure, with a low liquidity allocation and limited community support. $SOL
The broader market downturn and panic selling further contributed to its collapse. This incident highlights the risks associated with celebrity-backed meme coins and underscores the importance of due diligence in the crypto space.$ETH
