JINQIAN Memecoin Sparks Frenzy Trading Against Farmmi Tokens

A memecoin named JINQIAN has been trading on Robinhood Chain against FAMI tokens, which represent shares of Farmmi, a Chinese company listed on the Nasdaq Capital Market. FAMI's price surged to $1.83 in its USDG pool, while Farmmi's actual share price reached $0.50. However, it was discovered that the FAMI token was created by a single wallet with 38% of the tokens kept for itself, and the rest distributed among other addresses.

The wallet has been managing the price of FAMI through a contract named PoolRepricer, which adjusts the pools to keep the price stable. The creation of FAMI tokens was done in a single transaction, unlike Robinhood's own stock tokens, which are created through a mint-and-redeem process.

The pairing mechanism on Robinhood Chain has been running since July without moving an underlying stock, and other memecoins have also launched against the FAMI token. The trading volume of JINQIAN reached $92 million in five hours, with 92,926 transactions.