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A new memecoin themed after the viral children’s hit Baby Shark suffered a dramatic collapse, plunging more than 90% in value after the brand’s official owner, Pinkfong Co., declared it had no connection to the token.
The token debuted on Story Protocol, a layer-1 blockchain designed for intellectual property, and quickly surged to a high of $0.35 with a market cap of nearly $200 million. However, it dropped below $0.00064 after Pinkfong posted on X confirming that the project had “no affiliation whatsoever” with the company. Pinkfong clarified that only two digital assets — Baby Shark Meme on Solana and Baby Shark Universe Token on BNB Chain — are officially authorized.
The disputed coin was launched on IP.World, a platform that facilitates tokenization of intellectual property. IP.World admitted it had relied on faulty rights from a Pinkfong licensee and that its system automatically withheld creator fees once the issue surfaced. The company stressed that “we, and the community, had every reason to believe the launch was fully authorized.”
Despite reassurances, the controversy sparked panic selling. Traders, initially lured by influencer promotions and Story Protocol’s marketing push, quickly exited their positions. Blockchain analytics firm Bubblemaps also reported suspicious trading behavior, revealing that a single entity funneled funds through new wallets to snipe $10 million worth of tokens within the first minute of trading — nearly 7% of the total supply issued on September 23.
The fallout highlights the risks of crypto projects tied to popular intellectual property without confirmed licensing. With Baby Shark holding the record as the most-watched video on YouTube, with over 16 billion views since 2016, the unauthorized token had seemed like an opportunity for explosive growth. Instead, it serves as a cautionary tale of how misinformation, rushed hype, and questionable verification can devastate investors in the memecoin market.
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