A $3.4 million fundraising feast, why did it end in disaster?
In May 2025, Japanese entertainment star Uya Mikami launched the crypto project MIKAMI, which caused a sensation in the blockchain community. This was not because of a bright project outlook, but due to a staggering price crash: within just 5 hours of launch, the token’s value evaporated by 80%.
The story initially seemed dazzling—through the presale phase, MIKAMI raised $3.4 million from 17,560 participants. However, this massive funding did not bring market applause; instead, it became a brutal lesson on the risks of cryptocurrencies. Many presale investors paid an average of $0.245 per token and are now facing losses of up to 60%.
Why did Mikami coin collapse so rapidly?
A deeper analysis of MIKAMI’s failure reveals several