Farmmi shares surged as high as $0.50 on Wednesday from Tuesday’s $0.1187 close after a Robinhood Chain token labeled FAMI began trading against a memecoin called JINQIAN, whose name comes from a mushroom variety named in the company’s annual report.
But the FAMI token traded on Wednesday was not shown to represent actual Farmmi shares. According to the report, one wallet created the token supply in a single transaction, kept 38% of it, and then spent the next two days changing the pools from which its price was read.
Nasdaq data cited in the article showed Farmmi’s real shares rose as much as 321% while trading. At 2:28 p.m. ET, the stock was at $0.1474, up 24.2% on the day after touching $0.50 at 10:45 a.m. ET. Volume reached 806,801,403 shares versus an average of 5,251,331, or 154 times the daily average. Nasdaq’s quote page also carried an “out of compliance” label on the listing.
No link to actual Farmmi shares
The report said nothing connects the onchain FAMI token to a real Farmmi share. Robinhood’s own developer documentation says its stock tokens are “tokenised debt securities issued by Robinhood Assets (Jersey) Limited,” and only an authorized participant may subscribe for them directly from that issuer. That mint-and-redeem route is what keeps official Robinhood stock tokens near the price of the referenced shares.
This FAMI token had none of that. It had no issuer, no redemption path and a fixed supply. Its two mint events both appeared inside the contract deployment transaction, while Robinhood’s HIMS token showed 2,215 mint events and 30 burns. The article said the pairing loop traders on the chain had been betting on for two months appeared to work for the first time on an imitation rather than a genuine stock token.
Two mint events, fixed supply
The FAMI token at 0x5D2e81cB3A6FECe856B824Dfd7e1d6D3dbaD8cd9 showed only two mint events in its history, both in the transaction that created the contract at block 52,043,711.
- 23,206,600 tokens were sent to 0x5fD25Ceee9881C4704dEa6ce82B2d5e0401dC632
- 14,223,400 tokens, or 38.0%, were sent to the deployer address 0xd28d0b3dc4799D04E01A45f13b932ADAb89b7B0d
Transfer logs read from the Robinhood Chain RPC showed that supply had not changed since then.
By comparison, Robinhood’s HIMS token has 2,215 mint events and 30 burns. Every genuine stock token on the chain also includes the issuer in its name, from “NVIDIA • Robinhood Token” to “Hims & Hers Health, Inc. • Robinhood Token,” and each carries supply in the thousands: 56,974 NVDA tokens, 12,971 AAPL and 67,014 HIMS.
This contract was named simply “Farmmi, Inc.” with no suffix. It ran 1,916 bytes of code, versus 283 bytes for Robinhood’s proxy contracts, and carried 37,430,000 tokens against the 37,434,077 Class A shares Farmmi said were outstanding after its June offering.
A search of the chain’s token index returned one FAMI token, this one, with 2,696 holders. Robinhood brokers Farmmi shares for customers, but the report said it has not issued a Farmmi stock token.
Trader bheau pointed to that distinction on Wednesday morning, writing that “the typical flow of rh stocks (authorized participants can mint/redeem tokens to help arb the price) doesn't apply.”
The deployer kept adjusting pools
The deployer’s address had 40 transactions in total, all of them beginning after 5:34 p.m. ET on Tuesday.
- Six transactions created pools
- Seven called Uniswap’s PositionManager to modify liquidity, with the most recent at 11:03 a.m. ET on Wednesday
- Two called reprice on a verified contract named PoolRepricer, also deployed by the same wallet, at 7:28 a.m. ET and 9:38 a.m. ET
Blockscout labeled the token contract itself as TokenizedStock.
The deployer’s balance fell from 14,223,400 tokens to 906,981. The wallet holding the other 62% dropped from 23,206,600 to 19,463,600.
Token and stock traded apart
The token and the real stock did not track each other during the session. GeckoTerminal data cited in the article showed FAMI reached $1.83 in its USDG pool at 10:45 a.m. ET, the same five-minute bar in which the Nasdaq-listed stock hit its $0.50 intraday high. FAMI’s five-minute highs stayed above $1.00 from 10:30 a.m. ET through 11:15 a.m. ET.
Farmmi, however, must close at $1.00 or better for 10 consecutive business days to cure its listing deficiency. The token was above that line for 45 minutes. The stock only got halfway there.
At 2:28 p.m. ET, the token traded at $0.2135, or 45% above the stock price, on $131.4 million in pool volume across 126,565 transactions.
JINQIAN logged more than 90,000 trades in five hours
Money Mushroom, ticker JINQIAN, was deployed at 0xe81880c1C5054245e036359f5c7be31606E79F56 with a supply of 1 billion tokens. Its pool against FAMI was created at 9:32 a.m. ET, two minutes after the Nasdaq open.
According to GeckoTerminal, that pool turned over $92.0 million across 92,926 transactions, involving 9,255 buying addresses and 6,976 selling addresses.
JINQIAN first traded at $0.00089 at 9:35 a.m. ET. It climbed to $0.0761 at 10:45 a.m. ET, 85 times the opening print, then traded at $0.0058 at 2:25 p.m. ET, down 92% from the peak.
DEX Screener records showed that at least 10 other memecoins launched against the FAMI token within half an hour of JINQIAN, including tokens with tickers FARMMI, MUER, FAMILY, GME and CASH CAT. None passed $300,000 in volume.
The name came from Farmmi’s filing
The memecoin took its name from Farmmi’s own product description. In its fiscal 2025 Form 20-F, filed on Feb. 10, the company wrote that “our Shiitake products include different varieties such as floral mushroom and Jinqian (‘money’) mushroom.”
Farmmi supplies dried mushrooms and trades bulk cotton and corn out of Lishui in Zhejiang province.
According to EDGAR, Farmmi’s most recent filing with the U.S. Securities and Exchange Commission was a July 6 report covering a $3.0 million share sale. The company has issued no statement on the token or the trading.
Nasdaq compliance clock is still running
Farmmi said in an Aug. 12 press release that it had received a Nasdaq deficiency letter dated Aug. 11 after trading below $1.00 for 30 consecutive business days.
Under Listing Rule 5550(a)(2), the company has until Feb. 8, 2027 to regain compliance. That requires a closing bid price of at least $1.00 for a minimum of 10 consecutive business days. Farmmi said it was monitoring the share price and evaluating its options, and that any reverse split would need to be completed at least 10 business days before the deadline.
Its prospectus supplement said Farmmi sold 7,000,000 Class A shares at $0.25 each in a June offering, along with pre-funded warrants for 5,000,000 more shares. Aegis Capital underwrote the deal, and outstanding shares rose to 37,434,077.
A trade setup chain users had been waiting for
The article said the pairing mechanism has been running on Robinhood Chain since July without moving an underlying stock before this. BONER, a token built around short interest in Hims & Hers Health, held more than half of the tokenized HIMS float in a single pool in late August without moving the stock.
On Monday, a pseudonymous account claimed it had bought 37.4% of an unnamed Nasdaq company at $0.12 per share specifically to run the trade, but it did not file a Schedule 13D describing that holding.
0xSammy, an account with 91,200 followers that publishes a newsletter tracking tokenized equities, described Wednesday’s sequence as “onchain meme → tokenized stock demand → viral screenshots → offchain penny-stock buyers,” and wrote that the meme had not saved the listing.
Robinhood launched the chain’s mainnet on July 1 as infrastructure for tokenized securities. The article said it passed Solana in tokenized stock volume by late July through memecoin pairs, and passed Ethereum in daily app revenue on Aug. 29. DefiLlama data cited in the report showed total value locked at $756.7 million and 24-hour DEX volume at $1.69 billion.
The stock figures came from Nasdaq at 2:28 p.m. ET. Onchain figures came from GeckoTerminal, Blockscout and the Robinhood Chain RPC at 2:28 p.m. ET on Sept. 2.