0xSun Analyzes the JINQIAN/FAMI Case: On-Chain Meme Coins Drive Up Underlying Stock, Entire Logic Questionable

Crypto KOL 0xSun released an analysis of the JINQIAN/FAMI event that unfolded tonight. An unidentified project team issued the FAMI token on-chain (without compliance backing and with the liquidity pool not locked) and paired it with the meme coin JINQIAN. Since the underlying stock itself carries an extremely low market capitalization, on-chain sentiment triggered a frantic buying spree among retail investors for JINQIAN, which drove up the price of FAMI in the pool. Some retail investors even purchased the underlying stock directly, causing its share price to rally accordingly. 0xSun pointed out that this incident closely mirrors the early Base chain meme coin Bald—both featured unlocked liquidity pools and were entirely devoid of deterministic logic throughout the process. Yet, the final outcome heavily aligned with the ideal trajectory of an "on-chain coin-stock short squeeze," making it a textbook case of "a completely flawed process yielding a perfectly correct result." He warned investors that the certainty surrounding such projects is exceptionally low. Participants must independently weigh the trade-off between "upside potential × probability of good faith" and "total loss × probability of malice," as there is absolutely no 100% certainty guaranteed behind any excess returns.