Farmmi Shares Surge Over 300% Due to Meme Coin Named After Its Mushroom
Shares of Farmmi, a small Nasdaq-listed mushroom supplier, surged over 300% on September 2 due to an unusual event involving a memecoin. A joke cryptocurrency named JINQIAN after one of the company's mushrooms was launched on Robinhood’s crypto platform and briefly reached a $70 million valuation within hours. The coin had no official backing or connection to Farmmi, but traders linked it to the stock anyway. The frenzy spilled over into the real stock market as Farmmi shares jumped from around 12 cents to nearly 50 cents by mid-morning, with more than 800 million shares traded in a single day. However, most of these gains were erased later that afternoon when the memecoin collapsed and the stock closed near 15 cents. One anonymous trader made $178,600 within an hour before selling their position as the coin’s value plummeted by over 90%. The event highlights how internet-driven speculation can briefly move even obscure stocks without any real business fundamentals.
Topics: cryptocurrency meme stock penny stocks trading frenzy