Shocking 90% Plunge: ’Baby Shark’ Token on Story Protocol Tanks as Creator Denies Authorization

Another day, another crypto bloodbath—this time with a musical twist.

RUG PULL REALITIES

The so-called 'Baby Shark' token built on Story Protocol just got devoured by bears, collapsing a staggering 90% after the original IP creator publicly denied authorizing the asset. Investors who jumped in during the token's viral hype phase now face brutal losses as trading volumes evaporate faster than liquidity in a memecoin pool.

DECENTRALIZED DRAMA

Story Protocol's framework for tokenizing intellectual property faces immediate credibility tests as this unauthorized token situation unfolds. The platform's promise of transparent IP monetization clashes violently with the creator's flat denial of involvement—raising questions about verification processes in permissionless ecosystems.

MARKET AFTERMATH

Traders got a harsh reminder that not everything that swims like a shark grows teeth—some just sink. The episode highlights the persistent gap between blockchain's theoretical potential and the messy reality of unvetted token launches. Just another Tuesday in crypto land where due diligence remains the investor's responsibility—whether they bother or not.

In its post, Pingfong said only two assets, a Baby Shark Meme on solana and Baby Shark Universe Token on BNB Chain, are officially endorsed.

The statement did little to calm traders who had piled in under the impression of the token was an official Pinkfong collaboration, amplified by influencer endorsements and Story Protocol’s own promotional push.

Separately, blockchain analytics firm Bubblemaps reported that at least one entity funneled funds through multiple fresh wallets to snipe $10 million worth of supply in the first minute of trading — representing roughly 7% of the token’s supply on its Sept. 23rd issuance.

While IP.World named the licensee, CoinDesk is not doing so as it has been unable to contact the company concerned for comment.