On September 2, a notable incident occurred in the U.S. market that once again demonstrated the power of on-chain narratives. Shares of the Chinese agricultural company Farmmi (ticker: FAMI) on the Nasdaq exchange spiked more than 300% at one point—from $0.1187 to $0.50 per share. The driver was the hype around the meme coin JINQIAN, launched within the Robinhood Chain ecosystem. This is a vivid example of how decentralized speculation is penetrating traditional assets.
By the close of the trading session, the euphoria had partially subsided: the final price settled at $0.1501, which still represents a gain of 26.45%. However, the turnover is staggering: trading volume soared to 867.2 million shares, compared to a modest 5.76 million the day before. It is clear that retail investors and crypto enthusiasts actively joined the game, ignoring fundamental risks.
Where did the "money mushroom" come from?
The connection between the meme coin and the real business turned out to be unexpectedly direct. Farmmi specializes in dried mushrooms, and its annual report features a shiitake variety called Jinqian, which literally translates to "money mushroom." This fact became a trigger for the crypto community, which instantly seized the opportunity to create a speculative asset with an eye on the real ticker.
JINQIAN was launched on Robinhood Chain, and within an hour its market capitalization reached $70 million. Based on my observations, this is a typical picture for such stories: one trader, according to Lookonchain data, invested just 8 ETH (~$19,000), then sold the position for 82.54 ETH (~$198,000), locking in a profit of about $179,000. Such examples only fuel public interest, creating the illusion of easy money.
Backstory: an AI-generated post
The root of the hype traces back to a publication by a well-known trader under the pseudonym Rune. He claimed to have purchased 37.4% of the shares of a Nasdaq-listed company with a market capitalization of $4.8 million and a price of about $0.12, spending $1.8 million. His plans included tokenizing these shares on Robinhood Chain with the launch of a related meme coin, which was supposed to trigger a short squeeze.
However, after the rally began, Rune backtracked. He admitted that the post was not based on real actions—it was generated by the neural network Claude at the trader's request, and all the figures turned out to be "fabricated or exaggerated." Moreover, he denied any involvement in the issuance of FAMI and JINQIAN.
Technical details and risks
It is important to emphasize: the FAMI token that appeared on Robinhood Chain is not an official Stock Token from Robinhood. It merely replicated the ticker but had no redemption mechanism linking it to actual Farmmi shares. Buying such a coin does not give the investor any rights to the company's securities on Nasdaq. The total issuance amounted to 37.43 million tokens, matching the number of shares outstanding, while 38% immediately went to the contract creator—this is a classic "red flag" for retail participants.
The lack of liquidity locking in the trading pair only exacerbates the risks, as community analysts rightly point out. This is pure speculative play, where the probability of losing capital is extremely high.
Farmmi's position: exchange warning
The issuer itself is in an unenviable position. On August 11, Nasdaq sent the company a notice of violation of the minimum price requirement—shares had traded below $1 for 30 consecutive sessions. The deadline for remediation is February 8, 2027, with the price needing to stay at no less than $1 for ten consecutive days.
The financial condition also leaves much to be desired: for fiscal year 2025, revenue more than halved (from $64.1 million to $28 million), while net loss grew from $4.6 million to $53.4 million. Farmmi is trying to diversify through warehousing and logistics services in the U.S., but this is unlikely to save the situation in the short term.
My analysis: This case is a vivid symptom of the current market state, where narrative and on-chain liquidity can move the prices of traditional assets without any fundamental justification. Investors should remember that such surges are not an investment opportunity but a high-risk lottery where most participants end up at a loss. A rational approach and fact-checking are the only defense against such manipulative scenarios.