Shares of Farmmi (FAMI), a Nasdaq-listed Chinese agricultural products company specializing in dried edible mushrooms, staged an extraordinary intraday rally on September 2, 2026, surging as much as 350% after traders piled into a memecoin paired with an onchain version of the stock on Robinhood Chain.
The microcap stock briefly traded at $0.50 per share, up from a previous close of around $0.12, before quickly correcting to roughly $0.18. Trading volume exploded to more than 720 million shares, nearly 90 times the daily average. The spike coincided with intense activity around JINQIAN, a Robinhood Chain memecoin paired against an unofficial onchain token using Farmmi's FAMI ticker. At its peak, the memecoin's implied valuation reached about $60 million, roughly ten times the market capitalization of the publicly traded company itself, according to DexScreener data.
Pairing memecoins with tokenized stocks has become a trend on Robinhood Chain, allowing tokens to trade against equities rather than stablecoins, bitcoin or ether. Earlier examples included Artificial Inu paired with tokenized Nvidia shares and Memory Cow Moo paired with Micron, but those involved large-cap companies with deep liquidity. Farmmi, by contrast, employs only 15 people and had a market cap of just a few million dollars before the rally.
The FAMI token is not one of Robinhood's official stock tokens and appears to have been independently issued, meaning there is no mint-and-redemption mechanism that would generate direct purchases of Farmmi's Nasdaq-listed shares. Instead, speculative traders likely picked up on the mania around FAMI and bought the actual stock through brokerages, creating an unprecedented arbitrage loop between decentralized finance and Wall Street microcap equities. Market participants will now watch for price stabilization and possible regulatory scrutiny of unauthorized synthetic equity pairings.
