According to the source, a meme coin using the Pinkfong name collapsed on Thursday after The Pinkfong Company, the owner of the Baby Shark IP, publicly stated on X that it is unaffiliated with the token, prompting a rapid selloff (source: The Pinkfong Company statement as relayed by the source). The source reports the project had touted the Pinkfong brand, and the company’s denial removed any perceived legitimacy, which the source links to the collapse (source: the source).