A “Baby Shark” token hyped last week as officially representing the most viewed video on YouTube, slumped 90% after the issuing platform said the company minting the memecoin belatedly realized it didn’t have the authority to do so.

The token tumbled to under 0.064 cents from Tuesday’s 35 cents high on Story Protocol, a layer-1 blockchain specializing in intellectual property, after the brand owner, Seoul-based Pinkfong Co., issued a formal notice on X on Friday saying the token had “no affiliation whatsoever” with the company.

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