Farmmi Stock Skyrockets 350% on Memecoin Frenzy

Farmmi's shares skyrocketed by as much as 350% on September 2 after JINQIAN, a memecoin inspired by Farmmi's mushroom product line, debuted on Robinhood Chain.

The price of FAMI stock rose from $0.12 to $0.50 in just over an hour, with the memecoin's value estimated between $60-70 million, roughly 10 times Farmmi's real market capitalization.

However, this rally was short-lived, and by market close, FAMI stock had relinquished most of its gains, settling around $0.15, while JINQIAN plummeted more than 90% from its peak.