The Baby Shark token on Story Protocol plummeted 90% after the creator denied authorization.

ChainCatcher news, according to CoinDesk, the Baby Shark token, which claimed to officially represent the most viewed video on YouTube, plummeted by 90% after the issuing platform revealed that the company minting this meme coin realized after the fact that it did not have the rights to issue it. The price of the token on Story Protocol crashed from a high of $0.35 on Tuesday to less than $0.00064.

Previously, Seoul-based brand owner Pinkfong Co. issued an official statement on the X platform on Friday, stating that the token "has absolutely no association with the company." "Baby Shark" is a two-minute animated music short aimed at young children, which has garnered over 16 billion views since its release in 2016. The token was issued through IP.World, and its market cap once reached $200 million. IP.World stated that there were flaws in the rights provided by Pinkfong's licensing agent on which it relied, and its verification process hindered the distribution of creator fees.

In its statement, Pinkfong Co. said that only the Baby Shark meme coin on Solana and the Baby Shark Universe token on BNB Chain are officially recognized assets. However, this statement failed to calm traders, who had previously mistaken the token as an official collaboration project of Pinkfong Co., a misunderstanding further exacerbated by influencer endorsements and Story Protocol's own promotional efforts.