JINQIAN memecoin collapses after $80M surge in stock-pairing scheme

TREE NEWS reports: On Sept 2, memecoin JINQIAN surged to an $80 million market cap within an hour on Robinhood Chain, then plunged to $10 million the next hour, now near $3 million. The token paired with FAMI, a non-official token tied to Nasdaq-listed Farmmi, which rose 300% intraday. The scheme’s promoter Rune later claimed his stock purchase post was AI-generated. Analysts say the short-squeeze narrative was flawed as no real stock buying occurred.