A “Baby Shark” file promoted last week, as it officially represented the most watched video on YouTube, collapsed 90% after the broadcaster platform said the company coined the memecity late realized that it did not have the authority to do so.
The Token fell to less than 0.064 cents from the 35 cents on Tuesday in the history protocol, a layer of layer 1 specialized in intellectual property, after the owner of the brand, Pinkfong Co., based in Seoul, issued a formal notice on X on Friday saying that the Token had no “no affiliation” with the company.
Baby Shark, a two -minute long music cartoon aimed at young children, has obtained more than 16 billion individual opinions since its launch in 2016. The Token, which had a maximum market capitalization of $ 200 million, was issued using IP.World, which said it depended on the defective rights provided by a Pinkfong licensee and said that its verification process blocked creators of being released.
“We, and the community, had all the reasons to believe that the launch was totally authorized,” said IP.World.
In its publication, Pingfong said only two assets, a baby shark meme in Solana and Baby Shark Universe Token in the BNB chain, are officially supported.
The statement did little to calm the merchants who had accumulated under the impression of Token was an official collaboration of Pinkfong, amplified by the support of influence and the promotional impulse of the history protocol itself.
Separately, the Blockchain Bubblemaps analysis firm reported that at least one entity channeled funds through multiple fresh wallets to shoot $ 10 million in supply in the first minute of negotiation, which represents approximately 7% of the supply of the Token in its broadcast of September 23.
While IP.World appointed the licensee, Coendesk is not doing it, since he has not been able to contact the company concerned with comments.
