Key highlights:
- Farmmi (FAMI), a tiny Nasdaq mushroom company, surged 350% intraday after traders linked it to JINQIAN, a memecoin on Robinhood Chain paired with an unofficial FAMI token.
- The frenzy was driven by crypto trader Rune's theory that memecoin buying pressure could flow through tokenized equity into underlying Nasdaq shares.
- Robinhood Chain hit new highs of $1.545B in 24-hour DEX volume, with memecoin-stock pairs at $217M and tokenized stocks at $127M.
Farmmi (FAMI), a tiny Nasdaq-listed mushroom company, became the center of an unusual crypto-driven trading frenzy on Wednesday after traders linked its stock to JINQIAN, a newly launched memecoin on Robinhood Chain.
The Farmmi stock price surged as much as 350% during the session, briefly climbing from around $0.12 to roughly $0.50 before giving back most of the gains.
As of the time of writing, Farmmi shares closed at $0.15 on September 2, up 26.45%, while falling 3.93% to $0.14 in after-hours trading.
Trading volume also exploded, with more than 720 million shares changing hands, compared with an average daily volume of about 5 million shares.
How JINQIAN memecoin trading spilled into microcap mushroom seller Farmmi stock
The move came as traders rushed into JINQIAN, an ERC-20 memecoin launched on Robinhood Chain and paired with a separate token using the FAMI ticker, sparking speculation that crypto activity could spill into Farmmi’s Nasdaq-listed stock.
The narrative triggered sharp moves across both markets, despite the fact that FAMI on Robinhood Chain is not an official tokenized version of Farmmi shares.
JINQIAN, whose name means “money” in Chinese and is also linked to the “Jinqian” mushroom sold by Farmmi, briefly reached an implied market capitalization of about $60 million to $70 million, according to Dexscreener.
Source: Dexscreener
At its peak, the token’s valuation was several times larger than Farmmi’s public equity value.
According to Lookonchain, one trader spent about 8 ETH, worth roughly $19,000, to buy 6.28 million JINQIAN before selling the position for 82.54 ETH, or around $198,000. The trade generated an estimated profit of $178,600.
Source: Lookonchain
The JINQIAN/FAMI token has, however, fallen by 53.45% in the last 6 hours to $0.002878.
The surge drew further attention because of a strategy previously discussed by crypto trader Rune involving a small Nasdaq-listed company, a tokenized version of its shares on Robinhood Chain, and a memecoin paired with the stock token.
The theory suggested that buying pressure in the memecoin could increase demand for the tokenized equity and, through minting and redemption, potentially flow through to the underlying shares.
It feels like every day, Robinhood Chain produces at least one new token that the market prices into the tens of millions
And today, that token is $JINQIAN
It has already made a pretty aggressive move, but the chart isn’t really what interests me here
The narrative behind it… pic.twitter.com/ZVmprPprQk— Stitch (@stitchdegen) September 2, 2026
Rune had described a company valued at roughly $4.8 million with significant short interest and millions of dollars in debt, arguing that relatively modest buying pressure could have an outsized impact on such a thinly valued stock.
JINQIAN’s launch prompted traders to speculate that Farmmi was the company Rune referenced, with the mushroom connection adding fuel to the theory.
A crypto ticker mix-up is sending traders into Nasdaq
The latest rally has drawn attention from crypto traders after Farmmi’s Nasdaq-listed FAMI ticker became associated with a FAMI token trading on Robinhood Chain.
Tokenized stock and memecoin pairings have gained traction on the network, including Artificial Inu (AI) paired with tokenized Nvidia shares and Memory Cow Moo (MOO) paired with Micron.
However, Farmmi stands out because it is a much smaller company, employing just 15 people and having a market capitalization of only a few million dollars before the recent surge.
Importantly, the FAMI token does not appear to be an official Robinhood tokenized stock and is not listed among the platform’s official stock-token contracts. There is also no confirmed mechanism linking token holders to actual Farmmi shares.
As a result, activity in the FAMI token and its JINQIAN pairing does not necessarily represent capital flowing into Farmmi stock.
Instead, the speculation surrounding the token may have spilled into traditional markets, prompting traders to buy the underlying FAMI shares and helping drive the stock sharply higher.
Robinhood Chain challenges Ethereum as DEX volume tops $1.5 billion
The episode shows the significant development on Robinhood Chain, where memecoins, decentralized exchanges, and tokenized real-world assets are increasingly trading alongside one another.
According to DeFiLlama data, the network recorded $1.545 billion in 24-hour DEX volume, ranking second behind Solana’s $2.328 billion.
Source: DeFi Llama
Robinhood Chain also surpassed established networks, including Ethereum at $1.334 billion, BNB Chain at $1.142 billion, and Base at $794.71 million.
Its volume was also well ahead of Hyperliquid L1 at $369.26 million, Polygon at $209.33 million, Monad at $134.17 million, and Arbitrum at $119.86 million.
Notably, Robinhood Chain currently held about $783 million in total value locked, while RWA-related tokens generated roughly $390 million in daily volume.
Source: "adam_tehc" via Dune
Memecoin-stock pairs accounted for $217 million, while tokenized stocks contributed $127 million, with both reaching new highs.
Meanwhile, launchpad volume surged to around $34 billion-$36 billion on September 2, while active wallets climbed above 110,000, pointing to accelerating network activity across multiple sectors.
