‘Baby Shark’ token in the story protocol dropped 90% while the brand owner refused
A “Baby Shark” token hyped last week as officially representing the most viewed video on YouTube, dropped 90% after the release of the platform said the company that had been thinking of memecoin belatedly realized that it had no authority to do so.
The token fell under 0.064 cents from 35 cents Tuesday high in the story protocol, a layer-1 blockchain that specializes in intellectual property, after the brand owner, based on Pinkfong Co., released a formal notice to X on Friday saying that the token had no “affiliated” with the company.
Baby Shark, a Two minutes long of music cartoon Finding children have gained more than 16 billion individual views since its launch in 2016. The token, with a peak market cap of $ 200 million, was issued using IP.world, who said it relies on defective rights provided by a pinkfong license and said the verification process that blocked the creators from the release.
“We, and the community, have every reason to believe that the launch is fully authorized,” IP.world said.
In its post, Pingfong said Only two possessionsA Baby Shark Meme at Solana and Baby Shark Universe token in the BNB chain, is officially sponsored.
The statement was a bit to calm the entrepreneurs stacked under the impression of the token was an official Pinkfong collaboration, which was strengthened by influencers endorsing and its own promotional promotion of protocol.
Separately, Blockchain Analytics firm reported that bubblemaps at least one entity provoked by funds through multiple fresh wallets to snipe a $ 10 million supply worth of supply in the first minute of trade -representing nearly 7% of the token supply in its 23rd issues.
While IP.world named the license, CoinDesk did not do this because it did not contact the company concerned for the comment.
