The Baby Shark Token on Story Protocol has experienced a big dump of 90% due to the creator denying authorization issues.

CoinVoice has recently learned that, according to CoinDesk, the Baby Shark Token, which claims to officially represent the most viewed video on YouTube, fell 90% after the company that minted this Meme coin realized it did not have issuance rights from the issuing platform. The price of the token on the Story Protocol plummeted from a high of $0.35 on Tuesday to less than $0.00064. Previously, Pinkfong Co., the brand owner based in Seoul, released an official statement on the X platform on Friday, stating that the token "is in no way associated with the company." "Baby Shark" is a two-minute animated music short aimed at young children, which has amassed over 16 billion views since its release in 2016. The token was issued through IP.World, and its market capitalization once reached $200 million. IP.World stated that the rights provided by the Pinkfong licensors it relies on are flawed, and its verification process hindered the distribution of creator fees. Pinkfong Co. stated in the announcement that only the Meme coin Baby Shark on Solana and the Baby Shark Universe token on BNB Chain have been officially recognized. However, this statement did not ease traders' concerns, as they had previously mistakenly believed that the token was an official collaboration project of Pinkfong Co., and this misunderstanding was further exacerbated by influencer endorsements and the promotional efforts of Story Protocol itself.