Farmmi shares surge 350% amid JINQIAN memecoin activity

Farmmi shares surged as much as 350% on Wednesday amid activity around JINQIAN, a Robinhood Chain memecoin paired with an onchain token using Farmmi's FAMI ticker. Farmmi shares briefly traded at $0.50 per share. The stock closed Tuesday at around $0.12. Farmmi shares later corrected to roughly $0.18. More than 720 million shares traded. That volume was nearly 90 times Farmmi's daily average. Farmmi is a Chinese agricultural products company that specializes in edible dried mushrooms. The company employs 15 people and had a market capitalization of just a few million dollars before the rally. JINQIAN reached an implied valuation of $60 million, according to DexScreener data. That valuation was roughly 10 times higher than the publicly traded company's valuation. Robinhood Chain memecoin pairings allow tokens to trade against equities instead of stablecoins, bitcoin or ether. The FAMI token is not one of Robinhood's official stock tokens. The token appears to have been issued independently. It would therefore have no mint-and-redemption mechanism to generate purchases of Farmmi's Nasdaq-listed shares. Speculative traders likely bought Farmmi shares through a brokerage after noticing the activity around FAMI.