Stock Surges 321% on Memecoin Trigger
Farmmi stock exploded 321% intraday on Wednesday. The spark: a memecoin named Money Mushroom (JINQIAN), which started trading against its stock token FAMI on the Robinhood Chain. The stock jumped from Tuesday's close of $0.1187 to as high as $0.50.
On-Chain Data Reveals FAMI Not Official
But on-chain data tells a different story: FAMI is not an official Robinhood stock token. Its total supply is 37,430,000 tokens — almost the same as Farmmi's outstanding shares — and that amount was minted in two transactions at launch. The deployer wallet kept 38% of the supply and also deployed a contract called PoolRepricer to control the price on its own. Since then, there have been no further supply changes.
FAMI has no issuer, no redemption mechanism, and no connection at all to the real Farmmi stock. Robinhood's official stock tokens work differently. They are issued by Robinhood Assets (Jersey) Limited, and only authorized participants can subscribe and redeem them.
Price Action and Aftermath
As for trading, FAMI hit $1.83 in the USDG pool, then slid to $0.2135 as of 2:28 p.m. That still left it at a 45% premium to Farmmi's stock price. Big numbers. The related pool has racked up $131.4 million in trading volume. The JINQIAN/FAMI pair logged about $92 million in volume. And within the next 30 minutes, at least 10 more memecoins were launched.