**[Baby Shark Token on Story Protocol Plummets 90% Due to Creator's Denial of Authorization]** According to CoinDesk, the Baby Shark token, which claimed to officially represent the most-viewed video on YouTube, plummeted 90% after the issuing platform revealed that the company minting the meme token only realized afterward that it lacked the authorization to issue it. The token's price on Story Protocol dropped from a high of $0.35 on Tuesday to less than $0.00064. Previously, Seoul-based brand owner Pinkfong Co. issued an official statement on the X platform on Friday, stating that the token "has no affiliation with the company." *Baby Shark* is a two-minute animated musical short aimed at young children, which has garnered over 16 billion views since its release in 2016. The token was issued via IP.World, with its market cap once reaching as high as $200 million. IP.World stated that there were flaws in the rights provided by Pinkfong's licensing agent, and its verification process hindered the distribution of creator fees. In its statement, Pinkfong Co. clarified that only two assets have official recognition: the Baby Shark meme token on Solana and the Baby Shark Universe token on BNB Chain. However, this statement failed to calm traders' concerns, as many had mistakenly believed the token was an official collaboration with Pinkfong Co. This misunderstanding was further exacerbated by influencer endorsements and promotional efforts by Story Protocol itself.