A hyped “Baby Shark” token, promoted as officially tied to the YouTube sensation, plummeted 90% after the issuing platform revealed it lacked authorization from the brand owner, Pinkfong Co.

The memecoin dropped from a Tuesday high of 35 cents to under 0.064 cents on Story Protocol, a layer-1 blockchain focused on intellectual property, after Pinkfong, based in Seoul, issued a statement on X (formerly Twitter) clarifying that the token had “no affiliation whatsoever” with the company.

Baby Shark, the two-minute children’s music video launched in 2016, has accumulated over 16 billion individual views. The token, which briefly reached a market cap of $200 million, was issued through IP.World. The platform said it relied on rights supplied by a Pinkfong licensee but discovered the license was invalid, preventing creator fees from being released.

“We, and the community, had every reason to believe the launch was fully authorized,” IP.World said in a statement. Pinkfong noted that only two digital assets—the Baby Shark Meme on Solana and Baby Shark Universe Token on BNB Chain—are officially endorsed.

Traders who had bought the token under the impression of an official Pinkfong partnership were left exposed, with prior hype fueled by influencer promotions and Story Protocol’s marketing efforts.

Blockchain analytics firm Bubblemaps reported that at least one entity funneled funds through multiple newly created wallets to capture roughly $10 million worth of tokens in the first minute of trading—about 7% of the total supply issued on September 23.

IP.World named the licensee involved, though CoinDesk has not identified the company due to unsuccessful contact attempts.