Farmmi shares surged as much as 350% on Wednesday after traders piled into a memecoin paired with an onchain version of the small-cap Nasdaq stock on Robinhood Chain.
The Chinese agricultural products company, which specializes in selling edible dried mushrooms, briefly traded at $0.50 per share after closing Tuesday at around $0.12. The stock quickly corrected back to roughly $0.18 while the stock saw more than 720 million shares traded — nearly 90 times more than its daily average.
Farmmi (FAMI) stock price chart. Source: Google Finance
The spike coincided with activity around JINQIAN, a Robinhood Chain memecoin paired against an onchain token using Farmmi’s FAMI ticker.
At its peak, the memecoin's implied valuation of $60 million was roughly 10 times higher than that of the publicly traded company itself, according to DexScreener data.
