Farmmi shares jumped by as much as 350% on Wednesday after traders rushed into a memecoin linked to an onchain version of the Chinese microcap company on Robinhood Chain.
The agricultural products business, which specialises in selling edible dried mushrooms, briefly reached $0.50 per share. It had closed at about $0.12 on Tuesday.
The sharp rise was short-lived, with the stock falling back to roughly $0.18. Even so, more than 720 million Farmmi shares changed hands during the session – almost 90 times the company’s average daily trading volume.
The move happened alongside activity in JINQIAN, a Robinhood Chain memecoin paired with an onchain token using Farmmi’s FAMI ticker.
According to data from DexScreener, JINQIAN’s implied valuation peaked at about $60m. That was approximately 10 times the value of Farmmi itself as a publicly traded company.
Pairing memecoins with tokenised shares has become increasingly common on Robinhood Chain. The system allows these tokens to be traded against equities, rather than more conventional crypto assets such as stablecoins, bitcoin or ether.
Other examples include Artificial Inu (AI), which is paired with tokenised Nvidia (NVDA) shares, and Memory Cow Moo (MOO), which is paired with Micron (MU).
However, those projects are linked to large-cap businesses whose shares have substantial liquidity. Farmmi is a much smaller company. It employs just 15 people and could be classified as a nano-cap, with a market value of only a few million dollars before Wednesday’s surge.
The FAMI token also does not appear to be one of Robinhood’s official stock tokens. It seems to have been issued independently.
That distinction is important because an independently created token would not have the mint-and-redemption mechanism that can connect an official token to purchases of the underlying Nasdaq-listed shares. Such mechanisms would apply to the tokenised Nvidia and Micron pairings mentioned above.
Instead, the market activity appears to have been driven by speculation. Traders may have noticed the attention surrounding FAMI and then bought Farmmi’s actual shares through a brokerage, helping to propel the stock higher.
Farmmi is a Chinese agricultural products company focused on edible dried mushrooms. Its exceptionally small size and limited workforce made Wednesday’s trading activity particularly striking, given the scale of the share-price movement and volume.
The episode illustrates how activity in the cryptocurrency market can quickly affect thinly traded public companies, even when a token is not officially connected to the business whose ticker it uses.
The Block is an independent media outlet providing news, research and data. Since November 2023, Foresight Ventures has been its majority investor. Foresight Ventures invests in other companies in the cryptocurrency sector, while crypto exchange Bitget is an anchor limited partner in Foresight Ventures. The Block says it continues to operate independently in order to provide objective, impactful and timely reporting on the crypto industry.
This article is provided for informational purposes only. It is not intended to provide legal, tax, investment or financial advice.
© 2026 The Block. All Rights Reserved.
