A Mushroom Meme Coin Sent This Stock Up 300%
It started with a Chinese company called Farmmi. A mushroom named JINQIAN, which means “money mushroom,” appeared in one of its reports.
Someone then created a meme coin using the mushroom’s name, and the hype quickly spread to the stock market.
Farmmi shares jumped from $0.12 to $0.50, while trading volume increased about 150 times. At one point, the JINQIAN meme coin reached a market cap of around $60 million, almost 10 times the value of Farmmi itself.
But there’s an important detail: the meme coin is not backed by Farmmi shares. There is no direct connection between the token and Farmmi’s Nasdaq-listed stock.
It started with a Chinese company called Farmmi. A mushroom named JINQIAN, which means “money mushroom,” appeared in one of its reports.
Someone then created a meme coin using the mushroom’s name, and the hype quickly spread to the stock market.
Farmmi shares jumped from $0.12 to $0.50, while trading volume increased about 150 times. At one point, the JINQIAN meme coin reached a market cap of around $60 million, almost 10 times the value of Farmmi itself.
But there’s an important detail: the meme coin is not backed by Farmmi shares. There is no direct connection between the token and Farmmi’s Nasdaq-listed stock.
