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Mushroom Stock Soars 300% on Joke Crypto Fad
3 Sep
Summary
- Mushroom company shares surged over 300% on a single day.
- A joke cryptocurrency named after a mushroom caused the rally.
- The stock gains were largely reversed by day's end.
On September 2, 2026, Farmmi, a supplier of dried mushrooms, saw its stock price skyrocket by over 300%. The extraordinary surge was triggered by a memecoin named JINQ, which was created and named after Farmmi's "jinqian" or "money" mushroom. This phenomenon occurred on Robinhood, where the coin was paired with a token falsely representing Farmmi's stock.
The memecoin's value rapidly inflated, briefly surpassing the market capitalization of the actual company. This speculative frenzy then spilled over into the stock market, causing Farmmi's shares to jump from approximately 12 cents to 50 cents in intraday trading. Trading volume exploded to over 800 million shares, a stark contrast to the typical daily volume of around 5 million.
However, the rally was built on misinformation. The token linked to Farmmi's stock was illegitimate, created by an anonymous user without any backing or claims. Farmmi itself did not endorse or comment on the coin. Consequently, the stock's gains were unsustainable. By the end of the trading day, Farmmi's share price had fallen back, closing near 15 cents, still up about 27% for the day.
Despite the stock's retraction, some individuals profited significantly. One trader reportedly turned approximately $19,000 into nearly $198,000 within an hour by investing early in the JINQ memecoin. Most other investors who entered later experienced substantial losses as the coin's value collapsed by over 90% within hours of its peak.
