On September 2, shares of Chinese agricultural supplier Farmmi on Nasdaq jumped more than 300% intraday — from $0.1187 at the prior close to $0.50. The surge coincided with hype around the JINQIAN memecoin and an FAMI token on Robinhood Chain, users on X noted.
This is wild
Farmmi, Inc. (FAMI: NASDAQ) is mooning from onchain trading through the “JINQIAN” / Money Mushroom meme pair
Farmmi (FAMI) recently received a Nasdaq warning after trading below $1 for 30 consecutive sessions
Degens then found “Jinqian” in the company’s own… https://t.co/MleQ99doBL pic.twitter.com/GKbEzatmka
— 0xSammy (@0xSammy) September 2, 2026
By the close, most of the gains had faded: the final price was $0.1501 (+26.45%). Meanwhile, daily trading volume soared to 867.2 million from 5.76 million the previous session.
Farmmi’s products include dried mushrooms. The JINQIAN token’s name ties back to the company’s catalog: its annual report referenced a Jinqian shiitake variety — the “money mushroom.”
JINQIAN launched on Robinhood Chain. About an hour later, the memecoin’s market capitalization reached $70 million. According to Lookonchain, one trader spent 8 ETH worth about $19,000, then sold the position for 82.54 ETH — roughly $198,000 — for a profit of around $179,000.
JINQIAN hit a $70M market cap just 1 hour after launch.
This guy made a 10x return on $JINQIAN in just one trade!
He spent 8 $ETH($19K) to buy 6.28M $JINQIAN, then sold it for 82.54 $ETH ($198K), making a 74.54 $ETH($178.6K) profit.https://t.co/n8z9GrxTt5 pic.twitter.com/6mGR6t9Cbh
— Lookonchain (@lookonchain) September 2, 2026
A user known as StarPlatinum said trading volume in the JINQIAN/FAMI pair approached $88 million in under three hours.
It started with a Claude-generated post
The frenzy followed a post by a crypto trader known as Rune. He claimed he spent about $1.8 million to buy 37.4% of an unnamed Nasdaq company with a market cap of roughly $4.8 million and a share price near $0.12.
i’ve been quiet for a few days.
i acquired a controlling stake in a NASDAQ-listed company. $4.8M market cap, trading at $0.12/share with a crazy 92.3% short interest. $6.2M in debt against $380K ARR, everyone thinks its dead
it cost me $1,800,000 for 37.4% of the total shares.…
— Rune (@RuneCrypto_) August 31, 2026
Rune later outlined a plan to tokenize the acquired shares on Robinhood Chain and launch a related memecoin. The idea was that demand for the on-chain asset would spur buying of the underlying stock and potentially trigger a short squeeze.
Members of the crypto community matched those parameters to Farmmi.
After the hype began, however, Rune said he had not purchased a stake in the firm. According to him, the post was generated by Claude at his request, and the amounts and other parameters were “made up or exaggerated.”
The trader also denied involvement in the subsequent issuance of FAMI and JINQIAN.
FAMI is not a tokenized stock
The FAMI token that appeared on Robinhood Chain mirrored Farmmi’s ticker, but it was not an official Stock Token from Robinhood.
The platform’s documentation lists contract addresses for all issued tokenized assets. An identical ticker and name alone do not indicate participation in the official program.
The on-chain FAMI supply was 37.43 million tokens, matching the number of Farmmi shares outstanding. Of these, 14.22 million (about 38%) were allocated to the deployer’s address at contract creation. This stake is close to the 37.4% mentioned in Rune’s post.
FAMI lacked an issuance and redemption mechanism linking the token to actual Farmmi shares. As a result, buying the coin did not confer rights to acquire the company’s Nasdaq-listed stock — unlike the officially backed Stock Token.
X user StarPlatinum also pointed to the absence of a liquidity lock in the trading pair and warned the community about related risks.
Farmmi received a Nasdaq warning
Before the spike, Farmmi’s shares had traded below $1 for an extended period. On August 11, Nasdaq sent a notice of non-compliance with the minimum bid price requirement after the stock spent 30 consecutive sessions under that threshold.
The company has until February 8, 2027 to regain compliance. To do so, the closing bid price must stay at or above $1 for at least ten consecutive trading days.
The firm also faces pressure from worsening financials. In fiscal 2025, revenue more than halved from $64.1 million to $28 million, while net loss jumped from $4.6 million to $53.4 million.
In addition to trading mushrooms and other agricultural products, Farmmi is expanding warehousing and logistics services in the United States.
At the end of August, Robinhood Chain overtook Ethereum by daily revenue amid a surge in memecoin trading.
