Story Protocol's Baby Shark token plummets 90% as creator denies licensing issues

According to Huoxun Finance, reported on September 26th, the BabyShark token, which claimed to officially represent the most-watched video on YouTube, plummeted 90% after the issuing platform revealed that the company that minted the meme coin later realized it did not have the authority to issue it. The token's price on StoryProtocol plummeted from a high of 35 cents on Tuesday to less than 0.064 cents. This followed an official statement from Seoul-based brand owner Pinkfong Co. on Platform X on Friday, stating that the token was "in no way affiliated with the company." "BabyShark," a two-minute animated music video for young children, has been viewed over 16 billion times since its release in 2016. The token, issued through IP.World, had a market capitalization of as much as $200 million. IP.World stated that the rights provided by the Pinkfong licensor it relied on were flawed, and that its verification process hindered the payment of creator fees. Pinkfong Co. stated in a statement that only two assets were officially recognized: the BabyShark meme coin on Solana and the BabySharkUniverse token on BNBChain. However, this statement failed to appease traders who had previously mistakenly believed the tokens were an official Pinkfong Co. collaboration, a misunderstanding exacerbated by influencer endorsements and Story Protocol's own promotion.