Memecoin Mania Spills Into Nasdaq as Farmmi Soars 350%

Speculative trading associated with memecoins is spilling into US microcap stocks, where limited liquidity can amplify sudden waves of retail buying. Farmmi, a Nasdaq-listed mushroom seller, became the latest focus of the frenzy. The episode matters because it shows momentum-driven speculation extending beyond crypto assets into obscure equities that can rise sharply without a corresponding change in their underlying business.

Farmmi shares surged as much as 350% during the latest trading session as volume exceeded 720 million shares, roughly 90 times the stock’s daily average. The rally then reversed quickly, erasing part of the advance and underscoring the risks of chasing thinly traded microcaps. The extraordinary turnover and abrupt pullback resembled the boom-and-bust price action commonly seen in memecoin markets.