Yua Mikami’s Meme Coin MIKAMI Plummets 80% After Solana Launch, Exposing Risks of Celebrity-Backed Tokens and Pre-Sale Losses
Yua Mikami’s meme coin, MIKAMI, experienced a dramatic 80% price drop shortly after its launch on the Solana blockchain, highlighting the risks of celebrity-backed tokens. The coin’s presale raised over 23,000 SOL (approx. $3.4 million) from 17,560 investor addresses. However, controversy arose due to the launch timing at 2:43 a.m. Taiwan time, making it difficult for core Asian investors to participate. Within the first hours of trading and the official airdrop, many presale contributors suffered losses of up to 60% as MIKAMI fell from a peak of $0.828 to $0.1. Analysts point to issues such as the highly speculative nature of meme coins, limited liquidity (only 15% of supply), and the dominance of large investors or whales. The broader meme coin market has seen a 56.8% decline in capitalization since December 2024, worsening panic selling and volatility. MIKAMI’s tokenomics raise further concerns: 50% of tokens are locked for Yua Mikami until 2069, and community plus liquidity allocations are questionable. Additionally, the project’s website prohibits Japanese investors and claims the token is for entertainment only, not as an investment. This episode serves as a cautionary tale for crypto traders drawn by celebrity influence and underscores the importance of due diligence in speculative markets.
Bearish
The sharp and rapid 80% price drop of Yua Mikami’s meme coin MIKAMI after its Solana debut has a clear bearish effect on the token’s market price in both the short and medium term. Contributing factors include a poorly timed launch that alienated core investors, low liquidity, a lack of investor protection mechanisms, and evidence of market manipulation by whales. The incident happened in an environment where the overall meme coin market capitalization has already declined by over 56% since December 2024, which compounds panic selling and volatility. With half of the tokens locked until 2069, limited community and liquidity provisions, and the project explicitly denying investment value, confidence in MIKAMI as an investment asset is undermined. Such cases tend to fuel skepticism about celebrity-backed cryptocurrencies, driving further price pressure and discouraging new inflows. Unless there is a substantial turnaround in either sentiment or liquidity support, the outlook remains firmly bearish.