The Baby Shark memecoin, launched on Story Protocol, has nosedived 90% following Pinkfong Co.'s denial of any connection to the token. The memecoin, which once boasted a $200 million market cap, was issued through IP.World, which later admitted to using incorrect rights from a Pinkfong licensee. Pinkfong clarified that only two other Baby Shark tokens have official endorsement. The token's initial success was fueled by influencer endorsements and promotional activities by Story Protocol. Additionally, Bubblemaps reported a $10 million token snipe within the first minute of trading.