Recently, the crypto scene has exploded! A US-listed company called Dogecoin Cash Inc. actually spent 10 million USD to buy an obscure meme token——#DOG, a token suspected of being a "honeypot" where you can buy but never sell.
This move makes people can't help but ask: Are they causing trouble or harvesting leeks?
Medical marijuana company pivots to crypto, taking an unconventional path
Dogecoin Cash Inc. was originally called Cannabis Sativa, Inc., providing remote medical marijuana services. Its platform PrestoDoctor is quite famous, with online consultation and related patents in multiple states.
In November 2024, the company suddenly renamed itself close to Dogecoin (DOGE), starting a "crypto + marijuana" dual-business model. In early 2025, it established a wholly-owned subsidiary——MEME Coins Inc., specifically focused on meme tokens, with this Altcoin version of Dogecoin——DOG as its main product.
Note that DOG ≠ DOGE.
DOG is an imitation project issued on Binance Smart Chain (BSC), with liquidity less than $4,000, internally known as a potential "honeypot token" that only allows buying but not selling.
A twisting acquisition journey, finally gaining control of the "honeypot token"
In June this year, MEME Coins Inc. negotiated a major transaction with a company called Tipestry Inc.: issuing 250,000 preferred shares (with a par value of $20 each), in exchange for control and full ownership of 10 billion DOG tokens. After the transaction, DOG was transferred to a dedicated wallet, with keys kept by MEME Coins.
With this acquisition and previous accumulation, the company currently holds over 4 billion DOG tokens.
Additionally, the company acquired AltcoinMarketCap.com, aiming to build a community-driven Altcoin index platform to create a meme ecosystem closed loop with its DOG token, continuing to tell the decentralized community culture story.
On July 1st, the company established a new subsidiary Dogecoin Treasury Inc., responsible for managing DOGE-related development projects and assets——although there are currently no clear DOGE holdings records.
Stock price surges and plummets, token price also "free falls"
The company's stock price (ticker: DOGP) once rose to $0.1662 in December 2024, surging over 900% from its low point. However, by mid-2025, it had already pulled back over 80%, with the latest price at just $0.0289.
Similarly, the DOG token on-chain has also experienced repeated "halving", dropping over 80%, a true stock and token dual massacre.
Dogecoin Cash Inc. is a typical "boss-decides-all" company——the management team controls over 40% of shares, with the largest shareholder being CEO David Tobias, who holds 31.2 million shares, accounting for nearly 23%.
In contrast, institutional investors are almost non-existent, with one institution holding just 93 shares, barely a fraction.
The remaining 55%-60% of shares are dispersed among retail investors——meaning the company's true "stock price engine" is actually supported by community and retail investor enthusiasm.
Innovation or "sickle"? Opinions differ
From "remote medical consultation" to "hoarding meme tokens", Dogecoin Cash Inc.'s transformation is a cross-industry example. While talking about the future of crypto assets, they quietly accumulated billions of "honeypot tokens", and by focusing on community and Dogecoin sentiment, they've crafted a beautiful narrative.
However, many are beginning to worry whether this company is using meme stories to pump and dump stocks. After all, both token and stock prices have dropped significantly, and institutions are not very convinced.
Is this a new narrative opportunity, or another "harvesting experiment"? What do you think?
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