Behind the Labubu Craze: The Ups and Downs from Physical Toys to the Encryption World

The Labubu toy series under Pop Mart has recently sparked heated discussions in the market. The company's stock price skyrocketed 10 times in 2024, with an increase of over 200% this year, and its market value has surpassed HKD 350 billion. By the end of last year, Pop Mart had 401 stores in mainland China, and a total of 130 stores in Hong Kong, Macau, Taiwan, and overseas, with business operations in more than 30 countries and regions. Overseas revenue accounts for over 38%. However, the associated cryptocurrency LABUBU has failed to maintain this momentum, with its market value currently dropping to USD 27.89 million, and a 24-hour fall of 20.4%.

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The Origin and Development of Labubu

Labubu is a quirky elf character toy characterized by its round, fluffy body, big eyes, pointy ears, and a mischievous smile with nine sharp teeth. This image was designed by artist Long Jia Sheng, who was born in Hong Kong and grew up in the Netherlands, and is inspired by Nordic folklore and mythology.

Labubu first debuted in 2015 and quickly gained popularity after collaborating with Pop Mart in 2019. In the first half of 2024, the "The Monsters" series generated sales of 6.3 billion RMB. In April 2025, the third generation of Labubu vinyl plush products sparked a buying frenzy in multiple locations around the world.

In May of the same year, LABUBU cryptocurrency was introduced, which once sparked speculation but failed to maintain popularity in the long term. In June, at an auction of Labubu artworks, a humanoid Labubu was sold for 1.08 million yuan, with a total auction amount reaching 3.73 million yuan.

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Reasons for Labubu's Popularity

1. Unique Sales Model: Blind box sales increase the excitement and uncertainty of purchases, attracting consumers to buy repeatedly in order to obtain rare styles.

2. Excellent Cultural IP: Labubu has successfully crossed cultural barriers and is popular in both Asia and the West.

3. Industry Chain Support: China's complete industry chain and mature industrial ecosystem provide strong support for the development of Labubu.

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The Rise and Fall of the Encryption World

Although LABUBU cryptocurrency attempts to leverage the popularity of physical toys, it still cannot escape the falling fate commonly faced by Meme coins. Similar cases include Pudgy Penguins, whose NFT and Meme coin PENGU have both experienced a process from peak to valley.

Bored Apes ( BAYC ) and well-known NFT projects like CryptoPunks were also highly sought after, but their prices have significantly fallen from their peaks. These cases indicate that whether supported by physical products or purely digital assets, projects that overly rely on speculation ultimately struggle to maintain high prices.

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Conclusion

The rapid rise and fall of LABUBU cryptocurrency reflects its highly speculative nature and lack of actual application value. Although the physical Labubu toys from Pop Mart have achieved commercial success, the prosperity in the crypto market, lacking substantial support, will eventually fade. This phenomenon再次印证了Meme币"因投机而生,因泡沫破裂而亡"的固有规律.