Meme Coin Modeled on Baby Shark Creator Collapses

A meme coin tied to Pinkfong, the creator of Baby Shark, collapsed after the company announced it was unauthorized. The token was minted using Story Protocol, a platform designed for managing intellectual property rights, which supported the creation of derivative works. Pinkfong warned that legal actions would follow for those responsible. The coin initially surged to a market cap of $519 million shortly after launching, though its legitimacy was questioned due to a misunderstanding regarding a licensing agreement. Pinkfong confirmed it had not authorized any affiliation with the token, and Story Protocol later clarified that it had not been involved in any such agreements. This incident has raised concerns over the accountability and verification of intellectual property rights within blockchain projects.

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