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FollowingOne of the strangest stock rallies of the year: Farmmi, a mushroom company,
, a small Nasdaq-listed supplier of dried mushrooms, suddenly soared more than 300% on September 2. It should be noted that the company has neither announced any transactions, nor released financial results that exceeded expectations, nor even any news. Is this another memo craze?
Things are far more bizarre than imagined
A memin called "JinQian"-a joke cryptocurrency created to grab Internet attention-named after a mushroom sold by Farmmi. That alone is enough to send traders scrambling to buy the company's shares. The coin, called JinQIAN (taken from the "money mushrooms" sold by Farmmi), was launched on a cryptocurrency exchange operated by Robinhood and paired with a token that claimed to represent Farmmi's stock.
According to data from blockchain analytics account Lookonchain, traders pushed the value of the coin to about US$70 million in just one hour. At its peak, the market value of the memin briefly exceeded several times the company's actual market value. Later, the craze spread to the real stock market.
Farmmi's share price surged from about 12 cents to 50 cents before noon, an increase of about 321%. By afternoon, trading volume exceeded 800 million shares. On normal trading days, Farmmi's trading volume is approximately 5 million shares.
None of this is true
The token that purports to represent Farmmi shares is not legal. Robinhood's official stock tokens are issued through a formal process and are backed by real assets. But the token was created by an anonymous user, without any endorsement, and the holder does not enjoy any rights. On the blockchain, anyone can create a token and name it after a company, and that's exactly what's happening here.
Farmmi itself has never made any remarks linking the company to the coin. Still, stock prices rose simply because of the attention.
This rally did not last. By late afternoon, Farmmi had given up most of its gains, closing close to 15 cents and was still up about 27% for the day.
A trader made US$178,000 in one hour
According to Lookonchain, public blockchain records show that an anonymous trader invested approximately US$19,000 in JinQian early, and sold all of his positions about an hour later, earning approximately US$198,000, with a profit of approximately US$178,600. Before most people had heard of the existence of the coin, his investment had increased more than tenfold.
Almost all those who entered later suffered miserable losses. The coin plunged more than 90% from its peak in a matter of hours, and as of this writing, its total market value was approximately $6.6 million, a fraction of its brief peak of $70 million. As of this writing, JinQian was trading at approximately US$0.0066, and the market value of the memin coin was approximately US$6.6 million, well below its earlier peak.
