Farmmi Stock Surges 350% Amid JINQIAN Memecoin Frenzy

The tiny Nasdaq-listed company Farmmi (FAMI) saw its stock price surge by as much as 350% after traders linked it to JINQIAN, a memecoin launched on Robinhood Chain. The memecoin was paired with an unofficial FAMI token, leading to speculation that buying pressure in the memecoin could flow through to Farmmi's underlying shares.

The surge drew attention due to a strategy discussed by crypto trader Rune, which suggested that buying pressure in a memecoin could increase demand for tokenized equity and potentially flow through to the underlying shares. The theory was previously applied to another small Nasdaq-listed company, but its application to Farmmi sparked significant interest.

The JINQIAN/FAMI token briefly reached an implied market capitalization of around $60 million to $70 million, surpassing Farmmi's public equity value. One trader reportedly made a profit of $178,600 by buying and selling the JINQIAN memecoin.