On September 2, shares of Chinese agricultural supplier Farmmi on Nasdaq momentarily surged more than 300% — from the previous close of $0.1187 to $0.50. The spike coincided with a frenzy around the JINQIAN memecoin and the FAMI token on Robinhood Chain, as noted by X users.
This is wild
— 0xSammy (@0xSammy) September 2, 2026
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
By the close of trading, most of the gains had evaporated: the final price was $0.1501 (+26.45%). However, the daily trading volume for the stock soared to 867.2 million, compared to 5.76 million on the previous trading day.
Among Farmmi's products are dried mushrooms. The JINQIAN token's name is related to the company's product range: in its annual report, it mentioned a shiitake variety called Jinqian—the 'money mushroom'.
JINQIAN was launched on Robinhood Chain. Within about an hour, the memecoin's market capitalization reached $70 million. According to Lookonchain, one trader invested 8 $ETH worth approximately $19,000 into it and later sold the position for 82.54 $ETH — roughly $198,000. The profit amounted to about $179,000.
JINQIAN hit a $70M market cap just 1 hour after launch.
— Lookonchain (@lookonchain) September 2, 2026
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
A user under the nickname StarPlatinum pointed out that in less than three hours, trading volume in the JINQIAN/FAMI pair approached $88 million.
The Story Began with a Claude-generated Post
The frenzy was preceded by a post from a crypto trader using the pseudonym Rune. In it, he claimed to have spent about $1.8 million to acquire 37.4% of an unnamed Nasdaq-listed company with a market capitalization of approximately $4.8 million and a share price around $0.12.
i’ve been quiet for a few days.
— Rune (@RuneCrypto_) August 31, 2026
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 then described 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 stimulate purchases of the underlying shares and potentially lead to a short squeeze.
Members of the crypto community matched the parameters provided to Farmmi.
However, after the frenzy began, Rune stated that he had not bought a stake in the company. According to him, the post was created by Claude at his request, and the amounts and other parameters mentioned turned out to be 'fictional or exaggerated'.
The trader also denied any 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 was not an official Stock Token from Robinhood.
The platform's documentation lists the contract addresses for all issued tokenized assets. An identical ticker and name alone do not signify belonging to the official program.
The on-chain FAMI supply amounted to 37.43 million tokens, corresponding to the number of Farmmi shares outstanding. Of these, 14.22 million (about 38%) were allocated to the address of the user who deployed the contract upon its creation. This share is close to the 37.4% mentioned in Rune's post.
However, FAMI lacked a mint-and-redeem mechanism linking the token to real Farmmi shares. Therefore, buying the coin did not grant the right to acquire the company's shares on Nasdaq—unlike an officially backed Stock Token.
X user StarPlatinum additionally pointed out the lack of liquidity lock for the trading pair and warned the community of the associated risks.
Robinhood Chain storms into top DEXs: what's behind the hype
Farmmi Received a Nasdaq Warning
Before the trading surge, Farmmi shares had long been priced below $1. On August 11, Nasdaq issued a notice regarding non-compliance with the minimum price requirement—after the stock traded below this threshold for 30 consecutive sessions.
The company was given until February 8, 2027, to rectify the situation. To do so, the closing price must remain at or above $1 for at least ten consecutive trading days.
Additional pressure on the company comes from deteriorating financials. For the 2025 fiscal year, revenue more than halved—from $64.1 million to $28 million—while the net loss, conversely, sharply increased: from $4.6 million to $53.4 million.
In addition to trading mushrooms and other agricultural products, Farmmi is also expanding its warehousing and logistics services in the United States.
Recall that at the end of August, Robinhood Chain surpassed Ethereum in daily revenue due to a surge in memecoin trading.
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