Farmmi Shares Surged 320% Amid a Pump in the JINQIAN Meme Coin

• Farmmi shares on Nasdaq briefly jumped from $0.1187 to $0.50.
• This coincided with hype around the JINQIAN memecoin, named after the “money mushroom” mentioned in the company’s filings.
• The token’s market cap briefly reached about $60 million, while trading volume in Farmmi shares surged by roughly 150 times.
• At the same time, the FAMI token used in the pair is not an official Stock Token on Robinhood Chain and is not linked to the company’s real shares.

On September 2, 2026, shares of Chinese agricultural products supplier Farmmi (FAMI) on Nasdaq briefly surged by more than 320%, according to TradingView. This came amid speculative hype around the Money Mushroom (JINQIAN) memecoin on Robinhood Chain. 

The stock closed the previous session at $0.1187, but on September 2 the price briefly hit $0.50. 

Trading volume came in at about 867 million shares versus 5.76 million the day before — an increase of roughly 150 times. By the close, the price had pulled back to $0.1501.

Meanwhile, the market cap of the story-adjacent JINQIAN memecoin, according to DEX Screener, briefly reached about $60 million. That was several times larger than Farmmi’s own market cap before the pump began.

However, there is no direct financial or technical link between JINQIAN and Farmmi shares. There is also no confirmation that FAMI is a Stock Token on Robinhood Chain.

Original Post

On August 31, a crypto trader using the pseudonym Rune said on X that he had bought 37.4% of some Nasdaq-listed company.

According to him, the company’s market cap was around $4.8 million, the shares were trading at roughly $0.12, and the short interest allegedly reached 92.3%. The trader said he spent $1.8 million to acquire the stake.

After that, Rune laid out an idea to tokenize the purchased shares on Robinhood Chain and launch a memecoin paired with them. Under the concept, demand for the memecoin would create demand for the onchain version of the stock, which could then spill over into the traditional equity market and trigger a short squeeze. 

The crypto community began looking for a company that matched the description. One of the leading candidates was Farmmi — a small Chinese supplier of mushrooms and other agricultural products, ticker FAMI.

In its annual report for fiscal year 2025, Farmmi described its shiitake lineup and, among other things, mentioned the Jinqian mushroom variety — literally “money mushroom.”

Against this backdrop, a memecoin called Money Mushroom (JINQIAN) appeared on Robinhood Chain.

However, Rune later admitted that the original story about buying the company was not true. He said the post was generated by Claude at his request, and the amounts and other parameters were “made up or exaggerated.” The trader also denied any involvement in the issuance of FAMI and JINQIAN.

FAMI’s Creator Almost Copied Rune’s Story

Despite the denial, an unknown user effectively recreated the key figures from Rune’s post onchain.

On September 1, a token called Farmmi, Inc. (FAMI) appeared on Robinhood Chain with a total supply of 37.43 million units.

The figure almost exactly matches Farmmi’s share count after the June offering. According to the company’s SEC prospectus, after issuing 7 million new shares, there were expected to be 37,434,077 Class A shares outstanding. 

When FAMI was created, one address received 23.2 million tokens, while another 14.22 million — about 38% of the supply — remained with the developer, according to The Defiant. This also almost exactly matches Rune’s stated share of 37.4%.

An analysis of onchain activity also showed that the same address deployed a contract called PoolRepricer and used it to change the parameters of liquidity pools, the outlet noted. In total, 37.43 million FAMI were issued at launch, and the supply did not change afterward. 

As a result, the token’s unknown creator apparently deliberately structured FAMI to look like an onchain copy of real Farmmi shares and to fit Rune’s viral story. There is no evidence that the trader himself was behind the token’s issuance.

“Money Mushroom” Surged to $60M and Spilled Over to Nasdaq

On the morning of September 2, the main JINQIAN/FAMI pool was created. According to The Defiant, it appeared at 09:32 ET — two minutes after the Nasdaq session opened.

JINQIAN’s initial price was around $0.00089. By 10:45 ET, the token reached $0.0761 — roughly 85 times above its starting level. In the first few hours, trading volume in the JINQIAN/FAMI pair exceeded $90 million, according to DEX Screener.

At the same time, Farmmi’s actual shares began to move. FAMI closed the previous session at $0.1187, and around 10:45 ET the Nasdaq price hit a high of $0.50.

In other words, the peaks in the token and the real stock occurred in roughly the same window. Over the full session, the company’s share trading volume totaled 867.2 million versus 5.76 million on September 1, according to Yahoo Finance. 

At its peak, JINQIAN’s market cap was around $60 million. Farmmi, meanwhile, was considered a nano-cap (up to $50 million) before the hype and was valued by the market at just a few million dollars. 

The hype likely created a speculative loop. JINQIAN’s rally drew attention to FAMI on Robinhood Chain, the information spread on social media, and some traders then went on to buy the actual FAMI shares through traditional brokers.

The FAMI Token Is Not Backed by Farmmi Shares

The key nuance is that buying JINQIAN or FAMI on Robinhood Chain does not automatically result in buying Farmmi shares on Nasdaq, The Defiant emphasized.

Robinhood explicitly states in its Stock Tokens documentation that its official instruments are issued by Robinhood Assets (Jersey) Limited. They are tokenized debt securities and provide economic exposure to the underlying shares or ETFs. 

To identify genuine Stock Tokens, the company recommends cross-checking the smart contract address against the official registry. The documentation explicitly states that a token with the same name or ticker, but a different contract address, is not a Robinhood Stock Token. The official list of contracts is available via this link.

The FAMI smart contract address is also identified as an ERC-20 token. However, the service finds nothing when you try to enter it into the registry search field. 

FAMI from the pair with JINQIAN does not meet Robinhood’s requirements. The company did not issue a tokenized version of the stock, and the third-party FAMI has no official issuer or the Robinhood-defined issuance and redemption mechanism that would link it to the underlying asset.

The discrepancy is also clearly visible in the quotes. At the moment the real Farmmi stock hit a peak of $0.50, onchain FAMI in one of the pools climbed to about $1.83. Later, it continued to trade at a significant premium to the Nasdaq-listed stock, the publication noted. 

The situation was made even more speculative by Farmmi’s own position. On August 11, the company received a warning from Nasdaq after its shares closed below the minimum acceptable level of $1 for 30 consecutive trading days. 

To regain compliance with the exchange’s requirements, Farmmi must achieve a closing price of no less than $1 for at least ten consecutive trading days. The deadline is set for February 8, 2027. 

As a result, JINQIAN became an unusual example of how a memecoin with no direct link to a real-world asset managed to build a strong enough narrative for speculative demand from the crypto market to spill over into a Nasdaq-listed penny stock.

Previously, we covered another case of an asset pump on the Robinhood Chain network — PONS. 

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