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Memecoin-like token moves in tandem with Farmmi tokenized shares

Farmmi’s Nasdaq-listed shares jumped as much as 321% during Wednesday trading, while the paired Robinhood Chain token was minted in a single transaction and lacks an issuer or redemption path.

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Farmmi, a Nasdaq Capital Market-listed Chinese supplier of dried mushrooms, saw its real shares and a paired Robinhood Chain token trade sharply higher on Wednesday after a memecoin-like token began moving against its tokenized shares on the platform, according to The Defiant.

Farmmi shares climbed as much as 321% during the session, reaching a high of $0.50 after Tuesday’s $0.1187 close, while the token itself was reportedly created by a single wallet in one transaction, with the wallet retaining 38% of the supply.

The Defiant reports that this token is not connected to a Farmmi share, and unlike Robinhood’s own stock tokens described in Robinhood developer documentation as “tokenised debt securities” tied to an authorized subscription process, the FAMI token has no issuer, no redemption, and a fixed supply.

The token’s price was instead managed by the creating wallet via contract calls to adjust the pools used for pricing, The Defiant adds, and Farmmi was flagged “out of compliance” on Nasdaq’s quote page during the move.

Latest closeNasdaq Comp. 26,217.83 ▲0.5%

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