Memecoin Frenzy Sends Farmmi's Stock Price Skyrocketing 350%

Farmmi's stock price surged 350% on September 2 to briefly reach $0.50, nearly quadrupling from its previous closing price of $0.12.

The sudden spike was triggered by a memecoin called JINQIAN, launched on Robinhood Chain and named after one of Farmmi's mushroom products.

The token, paired with FAMI, had an implied valuation of around $60-70 million at its peak, roughly 10 times Farmmi's actual market cap.

However, the JINQIAN memecoin collapsed over 90% from its peak within hours, and by late afternoon, Farmmi's stock had given back most of its gains, closing near $0.15, still up around 27% on the day.