GM โ๏ธ One night passes, last nightโs drama $JINQIAN hit a peak of 76m, and this morning itโs already been smashed back to 3.5m, headed toward zero ๐ซ
Farmmi is a Nasdaq-listed mushroom-selling company, and in its annual report there really is a variety called Jinqian (Money) Mushroom.
The project team structured the main pool as JINQIAN/FAMI. On purchase it charges a 1% FAMI fee, half of which is distributed to JINQIAN holders. The underlying stock FAMI also saw an explosive volume spike around the same time yesterday, with the narrative: "buy memes, collect shares, and at the same time squeeze the U.S. stock market."
But the FAMI in the pool is not an official Robinhood stock tokenโitโs an ERC-20 issued by a third party. Thereโs no official redemption pathway, and the so-called 1:1 stock reserve canโt be verified on-chain. So the JINQIAN buy pressure will not automatically become buy pressure for Nasdaqโs FAMI.
Still, the market proved that what memes need is just emotionโthereโs no need for a real closed loop. Big brother bonkguy believed the narrative too, and once you buy in, it reaches the second wave.
Unfortunately, the next day there was only a pot of 3.5m mushroom soup left.
#meme #robinhood #jinqian