TLDR
- Farmmi stock surged as much as 350% on September 2, briefly hitting $0.50 from a closing price of $0.12 the day before.
- The spike was triggered by a memecoin called JINQIAN, named after one of Farmmi’s mushroom products, launched on Robinhood Chain.
- The FAMI token paired with JINQIAN is not an official Robinhood stock token and was independently issued by an anonymous user.
- At its peak, the memecoin hit an implied valuation of around $60-70 million, roughly 10 times Farmmi’s actual market cap.
- The stock gave back most gains, closing near $0.15, while the memecoin collapsed over 90% from its peak.
Farmmi (FAMI) stock had one of the stranger trading days of 2026 on September 2, with no earnings, no deal, and no company announcement of any kind.
The stock opened near $0.12, the same price it closed at on Tuesday. By mid-morning it had hit $0.50, a rise of around 350%.
The catalyst? A memecoin.
A token called JINQIAN launched on Robinhood Chain, named after the “jinqian” or “money” mushroom that Farmmi sells. It was paired against an onchain token using Farmmi’s FAMI ticker.
Within about an hour, the memecoin reached a peak implied valuation of between $60 million and $70 million, according to DexScreener and blockchain analytics account Lookonchain. That was roughly 10 times more than Farmmi’s entire market cap before the rally.
The frenzy then crossed over into the real stock market.
The Token Was Not Legitimate
The FAMI token paired with JINQIAN was not one of Robinhood’s official stock tokens. It was created by an anonymous user and carried no backing whatsoever.
Unlike official Robinhood stock tokens tied to companies like Nvidia or Micron, there was no mint-and-redemption mechanism. That means the token activity had no direct link to actual purchases of Farmmi’s Nasdaq-listed stock.
Farmmi itself made no statement connecting the company to the coin. The stock ran up purely on speculative attention.
One trader made out well. Public blockchain records show an anonymous wallet put roughly $19,000 into JINQIAN early, then sold the full position about an hour later for around $198,000, a profit of approximately $178,600.
Almost everyone who came in after that did not fare as well. The coin dropped more than 90% from its peak within hours.
Volume Told the Real Story
On a normal day, Farmmi trades around 5 million shares. On September 2, more than 720 million changed hands. That is nearly 90 times the stock’s daily average.
Farmmi is a small Chinese agricultural products company that employs just 15 people. Before Wednesday, it had a market cap of only a few million dollars.
By late afternoon, the stock had given back most of its gains. It closed around $0.15, still up roughly 27% on the day.
At the time of writing, the JINQIAN memecoin was trading at approximately $0.0066, giving it a market cap of around $6.6 million. That compares to its brief $70 million peak earlier in the session.
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