Back in the dot-com days there was a fish processing company called Zapata that decided to become an Internet portal. As their stock soared, Zapata tried to buy Excite.com for $1.6 billion in stock but didn't succeed.

Zapata finally pulled the plug in January 2001:

"The news of Zap's demise marks the end of an era. The Internet business was so heady back in 1998, when the portal-wanna-be first came on the scene, that people scoffed only slightly at the news that an animal by-products company was taking on Yahoo! in the battle for those formerly coveted viewers."

https://www.forbes.com/2001/01/09/0109zapata.html#70a49b773a...

We're probably nearing the point where the Zapatas of this crypto-token boom start using their inflated valuations to try to acquire more traditional tech companies.

Heh heh. I worked for a company that rebranded itself as "b2b" back when that was the buzzword. We didn't get a 24x pop, but I was amazed at the extent to which our little company was suddenly worth so much more even though our product and operations remained exactly the same.