On Wednesday, Farmmi shares skyrocketed by as much as 350% as speculators swarmed a memecoin linked to an onchain representation of the small-cap Nasdaq equities ticker on Robinhood Chain.
The Chinese agricultural business, focusing on the retail of edible dried mushrooms, touched a momentary price of $0.50 per share after finishing Tuesday near $0.12. The equity swiftly retraced to approximately $0.18 while recording a volume exceeding 720 million traded shares — roughly 90 times its typical daily volume.
This surge aligned with market activity surrounding JINQIAN, a Robinhood Chain memecoin matched against an onchain token utilizing Farmmi’s FAMI ticker symbol.
At the highest point, the memecoin reached an implied market valuation of $60 million, which was nearly 10 times greater than the valuation of the actual publicly traded firm, based on figures from DexScreener.
Linking memecoins with tokenized equities has evolved into a popular movement on Robinhood Chain, enabling these tokens to be traded directly against stocks rather than conventional assets like ether, bitcoin, or stablecoins. Several well-known instances feature Artificial Inu (AI) matched with tokenized shares of Nvidia (NVDA) alongside Memory Cow Moo (MOO) matched with Micron (MU).
Nevertheless, those previous pairings involved large-cap enterprises possessing substantial liquidity. Farmmi, conversely, maintains a staff of just 15 employees and is better classified as a nano-cap, holding a market capitalization of merely a few million dollars prior to the Wednesday surge.
It is important to highlight that the FAMI token is not an official stock token provided by Robinhood and seems to have been launched independently. Consequently, this indicates the absence of any mint-and-redemption pipeline for the token to stimulate acquisitions of Farmmi’s Nasdaq-quoted shares, unlike what occurs with the aforementioned pairs associated with Micron or Nvidia.
Rather, it appears probable that speculative investors caught wind of the frenzy surrounding FAMI and purchased the physical equity through a traditional broker.
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Originally published at https://www.theblock.co/news/markets/2026-09-02-memecoin-shenanigans-nasdaq-microcap-mushroom-seller-farmmi-413374.
