A “Baby Shark” token excited last week as officially representing the most seen video on YouTube, dropped 90% after the issuing platform said that the company realizing the same late that it did not have the power to do so.
The token dropped less than 0.064 cents of 35 cents on Tuesday on the Story protocol, a layer 1 blockchain specializing in intellectual property, after the brand owner, Pinkfong Co., based in Seoul, published an official notice on X Friday
Baby Shark, a cartoon of two minutes of music aimed at young children, has collected more than 16 billion individual views since its launch of 2016. The token, which had a maximum market capitalization of $ 200 million, was issued using IP.world, who declared that he was based on defective rights provided by a pinkfong licensee and said of verification had prevented the creative costs from being released.
“We, and the community, had every reason to believe that the launch was fully authorized,” said IP.world.
In his position, Pingfong said that two active ingredients, a meme of baby shark on Solana and a baby shark token on the BNB channel, are officially approved.
The declaration made nothing to calm the merchants who had stacked under the impression of the token was an official collaboration of Pinkfong, amplified by the approvals of the influence and the own promotional push of Story Protocol.
In addition, the Bubblemaps blockchain analysis company reported that at least one entity has sent funds through several fresh portfolios to sniper an offer of $ 10 million at the first minute of negotiation – representing around 7% of the token offer during its 23 September issue.
While IP.world appointed the licensee, Coindesk does not do so because he was unable to contact the company concerned to comment.
