By the end of trading, most of the company’s stock gains had evaporated: the price settled at $0.1501 (+26.45%), but daily volume surged from 5.76 million to 867.2 million shares.
The JINQIAN token was launched on Robinhood Chain, and within about an hour, its market capitalization reached $70 million. According to Lookonchain, one trader invested 8 ETH, worth $19,000, into the coin and soon sold the position for 82.54 ETH, locking in a profit of $179,000.
Alongside this memecoin on Robinhood Chain, the FAMI token emerged, mirroring Farmmi’s stock ticker. The token’s total supply was 37.43 million, matching the number of Farmmi shares outstanding on the exchange. At contract deployment, 14.22 million tokens (37.4%) were allocated to the address of the user who deployed it. FAMI had no minting or burning mechanism linking the token to actual shares; purchasing the token conferred no right to acquire Farmmi’s stock on Nasdaq.
The frenzy was preceded by a post from a crypto trader using the pseudonym Rune, who claimed to have spent approximately $1.8 million to purchase 37.4% of a Nasdaq-listed company with a market capitalization of around $4.8 million and a share price of $0.12. Rune then outlined a plan to tokenize the acquired shares on Robinhood Chain and launch a related memecoin. The investor envisioned that demand for the on-chain asset would drive purchases of the underlying stocks, triggering a short squeeze—a sharp price surge caused by widespread closing of short positions.
Some investors assumed the reference was to Farmmi. Additionally, the name of the launched memecoin, JINQIAN, alluded to one of the company’s products—Jinqian shiitake mushrooms (a name that translates to “money mushroom”).
After the memecoin’s price surged, Rune stated that he did not purchase a stake in the company. According to the trader, the post was generated by the AI model Claude at his request, and the mentioned amounts and parameters were “fabricated or exaggerated.” The trader also denied any involvement in the issuance of the FAMI and JINQIAN tokens.
At the beginning of August, two traders earned nearly $1 million each by investing in the memecoin CASHCAT. This token was also created on the Robinhood network and named after the internal codename of the first version of Robinhood’s brokerage app. The day before, the largest decentralized exchange, Uniswap, launched Pools, a platform for issuing memecoins built on the Robinhood Chain.