Labubu is sweeping the globe, but the meme coin of the same name can't escape the big dump.

The Labubu toy series under Pop Mart achieved remarkable success in 2024. The company's stock price soared over 200%, with a market value exceeding HKD 350 billion. Founder Wang Ning has thus entered the ranks of the richest in Henan. By the end of last year, Pop Mart had 401 stores in mainland China, with 130 stores in Hong Kong, Macau, Taiwan and overseas, and its business spans over 30 countries and regions, with overseas revenue accounting for more than 38%.

However, the related Meme coin LABUBU has failed to continue this brilliance. Its market value has now fallen below 28 million USD, with a 24-hour fall of up to 20.4%. This contrast has sparked people's thoughts on the Labubu phenomenon and its related cryptocurrencies.

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The Origin and Development of Labubu

Labubu is a unique sprite character toy, round and cute yet with a hint of fierceness. It has a fluffy round body, big round eyes, pointy ears, and a mischievous smile made up of nine sharp teeth.

This character was designed by artist Long Jiaseng, who was born in Hong Kong and raised in the Netherlands. The inspiration comes from the Nordic folklore and mythology he loved during his childhood. Long Jiaseng initially illustrated the images of Labubu and his friends with a fountain pen, creating the story series "The Monsters."

Labubu made its debut in 2015 and gained wider attention after collaborating with Pop Mart in 2019. In the first half of 2024, the "The Monsters" series generated a sales revenue of 6.3 billion RMB. In April 2025, the third generation of Labubu vinyl plush products sparked a buying frenzy in multiple locations worldwide.

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Analysis of the Reasons for Labubu's Popularity

The success of Labubu is mainly attributed to two factors:

1. Unique blind box sales model: This model increases the excitement and uncertainty of purchasing, prompting consumers to buy repeatedly in pursuit of rare styles.

2. Excellent cultural and creative IP: Labubu successfully breaks cultural barriers while being favored by both Asian culture and Western pop culture.

In addition, Xinhua News Agency analysis pointed out three major reasons for the explosive popularity of Labubu: cross-cultural global consumer goods attributes, the patience in creation and promotion along with innovative breakthroughs, and China's complete industrial chain and mature industrial ecosystem.

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Meme coin LABUBU can hardly escape the big dump fate

Despite the great success of Labubu's physical toys, its eponymous Meme coin LABUBU has struggled to avoid a big dump in price. This phenomenon is not an isolated case, as other Meme coins related to physical toys have also faced a similar fate.

Taking Pudgy Penguins as an example, although its NFTs and physical toys have achieved impressive sales performance, its meme coin PENGU has still fallen 78% in half a year. Similarly, the once highly sought-after Bored Ape Yacht Club (BAYC) and CryptoPunks NFT projects have also experienced significant price falls.

These cases indicate that even with physical products supporting them, virtual assets that rely solely on hype and speculation ultimately struggle to escape value regression. The rapid rise and fall of LABUBU is a reflection of its high speculation and lack of practicality. When the market frenzy subsides, the false prosperity without actual value support will eventually collapse, which is a true depiction of the essence of Meme coins "born from speculation and perishing due to value bubble burst."

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