Shares of Farmmi, a Chinese dried mushroom supplier listed on the Nasdaq Capital Market, surged 321% on Wednesday from $0.12 to $0.50, fueled by a memecoin called JINQIAN (« Money Mushroom ») named after a product variety mentioned in the company’s own annual report. Trading volume reached 806 million shares, 154 times the daily average. The FAMI token supposedly representing Farmmi shares was created by a single wallet that minted the entire supply in one transaction and kept 38%, with no connection to the actual company shares. At 2:28 PM ET, Farmmi stock traded at $0.1474, up 24.2%, while the JINQIAN memecoin had already dropped 92% from its peak of $0.0761. Farmmi must stay above $1.00 for ten consecutive business days before February 8, 2027 to regain compliance with Nasdaq listing rules.
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