Farmmi Stock Price Spikes 321% Amid Memecoin Madness

Farmmi's stock price surged by 321% on Wednesday to reach $0.5, after a memecoin called Money Mushroom (JINQIAN) began trading on Robinhood Chain.

The memecoin is paired with Farmmi's supposedly 'tokenized stock' FAMI for trading, but data shows that FAMI was created by a single wallet and has a total supply of 37.43 million units, close to the entire float of Farmmi shares.

FAMI's creation mechanism is unusual: its total supply was generated in two transactions, with the deployer wallet retaining 38% and deploying a contract called PoolRepricer to manage prices.

The token has no issuance authority, redemption mechanism, or connection to real Farmmi shares, making it essentially a memecoin.