Japanese adult film actress and pop singer Yua Mikami has launched a new memecoin on the Solana blockchain, raising over $2.9 million (more than 19,000 SOL) during its presale phase. The project has drawn significant attention but also raised multiple concerns regarding its structure and management.
Limited Promotion and Exclusion of Japanese Investors
Mikami announced the presale exclusively on her X (formerly Twitter) account, which has 8.2 million followers, while notably avoiding promotion on her other major platforms like TikTok and Instagram, which have millions of followers as well. The project’s disclaimer explicitly prohibits Japanese residents from participating, although no technical measures prevent them from investing, raising questions about regulatory evasion.
Risky Presale Mechanics and Investor Warnings
Blockchain analyst EmberCN highlighted several red flags in the presale setup: there is no fixed exchange rate or fundraising cap, meaning the 20% token allocation for presale buyers is distributed proportionally to the total amount raised. This creates uncertainty about the token price and allocation. Additionally, some investors sent SOL directly from centralized exchanges despite warnings not to, and since the project lacks a refund mechanism, those funds may be permanently lost.
Alleged Chinese Ownership and Target Market
Researcher AB Kuai.Dong claimed that the rights to Mikami’s memecoin have been acquired by Chinese entities and that the project is primarily marketed to Chinese investors. This has fueled speculation about the memecoin’s ties to broader networks of celebrity-endorsed tokens in China, some of which have been accused of pump-and-dump schemes.
Mixed Reception Amid Growing Meme Coin Skepticism
While some crypto traders welcomed the memecoin as a sign of “otaku culture” entering the crypto space, skepticism remains high, especially on Solana, which has recently experienced numerous scams involving celebrity-backed tokens. Despite the controversy, Mikami is no stranger to blockchain projects, having previously launched NFT collections during the 2021 boom.
Ambitious Roadmap Beyond a Meme Coin
The $MIKAMI token aims to be more than just a meme coin. Its roadmap includes plans for a fan-driven DAO, AI-powered fan engagement tools, exclusive merchandise, and virtual concerts. Tokenomics reveal a deflationary model with 50% of tokens locked until 2069, 15% allocated to liquidity, 10% for community rewards, and 5% for marketing. This suggests an attempt to build a sustainable ecosystem around the token and Mikami’s fanbase.
This project exemplifies the complex intersection of celebrity influence, blockchain innovation, and regulatory challenges in the fast-evolving memecoin space, highlighting both the enthusiasm and caution investors should maintain.
