PANews reported on September 26th that, according to CoinDesk, the Baby Shark token, which claimed to officially represent the most-watched video on YouTube, plummeted 90% after the issuing platform revealed that the company that minted the meme coin later realized it did not have the authority to issue it. The token's price on Story Protocol plummeted from a high of 35 cents on Tuesday to less than 0.064 cents. This followed an official statement from the Seoul-based brand owner, Pinkfong Co., on the X platform on Friday, stating that the token was "in no way affiliated with the company." "Baby Shark," a two-minute animated musical short for young children, has been viewed over 16 billion times since its release in 2016. The token, issued through IP.World, had a market capitalization of $200 million at one point. IP.World stated that the rights provided by the Pinkfong licensor it relied on were flawed, and that its verification process hindered the payment of creator fees.

Pinkfong Co. stated in a statement that only two assets—the Baby Shark meme coin on Solana and the Baby Shark Universe token on BNB Chain—were officially recognized. However, this statement failed to appease traders who had previously mistakenly believed the tokens were official Pinkfong Co. collaborations, a misconception exacerbated by influencer endorsements and Story Protocol’s own promotion.