“Baby Shark”: Pinkfong token on Story Protocol a scam?

INFBusiness
27.09.2025
News

After Story Protocol's “Baby Shark” token, which was touted as the official symbol for YouTube's most-watched video last week and quickly skyrocketed to $200 million, it subsequently plummeted by 90 percent. The reason is that the issuer didn't have the authority to do so.
Story Protocol is a Layer 1 blockchain focused on protecting intellectual property in the age of artificial intelligence. Investors mistook the token for an official Pinkfong collaboration after it was promoted by influencers and Story Protocol itself. The irony of the story is therefore likely not lost on the attentive reader.
The token fell from its high of 35 cents on Tuesday to below 0.064 cents after the token's owner, Seoul-based Pinkfong Co., issued a formal notice on X on Friday, stating that the token was “in no way” affiliated with the company.
In the post, Pinkfong said that only two assets, a Baby Shark Meme on Solana and a Baby Shark Universe token on BNB Chain, are officially supported.
Baby Shark, a two-minute musical animated film aimed at young children, has garnered more than 16 billion views on YouTube since its launch in 2016.
The token was issued through IP.World, which, according to its own statements, relied on faulty rights from a Pinkfong licensee and prevented the release of copyright royalties through its verification process. “We and the community had every reason to believe the launch was fully authorized,” IP.World stated.
Crypto entrepreneur Mike Dudas says: “Story announced Pinkfong as a partner, but they literally did NOT have the IP rights, and then they said, ‘It’s not our job to verify that,’ good God.”
Blockchain analytics firm Bubblemaps reported in parallel that at least one entity channeled funds through several new wallets to snag a $10 million offering in the first minute of trading—equivalent to about 7 percent of the token supply.

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