A “Baby Shark” token, hyped last week, who officially represented the most viewed video on YouTube fell 90%after the issuing platform said the company that minted Memecoin realized it did not have authority to do so.
The token tumbled to less than 0.064 cents from Tuesday’s 35 cents high on Story Protocol, a LAG-1 blockchain specialized in intellectual property after the fire owner, Seoul-based Pinkfong Co., issued a formal message of X Friday, saying the token had “no affiliation at all” with the company.
Baby Shark, a two -minute long music cartoon aimed at young children has received more than 16 billion individual views since the launch of 2016. The token, which had a point of $ 200 million, was issued by IP.World, who said it depended on defective rights provided by a pink fong -licensing and said its verification process of the be released.
“We and the community had every reason to believe that the launch was fully authorized,” said IP.World.
In his post, Pingfong said that only two assets, a baby shark -meme on Solana and the Baby Shark Universe -token on the BNB chain, are officially approved.
The statement did little to reassure dealers who had stacked under the impression of the token was an official pinkfong collaboration, reinforced by influencer -declarations and the history protocol’s own promotional push.
Separately reported blockchain analyst company Bubblemaps, that at least one unit’s funnel funds through several fresh wallets to grab $ 10 million supply in the first minute of trade – which represents approx. 7% of token’s delivery on its September 23th issuing.
While the IP.World appointed licensee, Coindesk does not, as it has not been able to contact the affected company for comment.
