The Rise and Fall of Labubu Toy Craze and Related Encryption Assets

The stock price of Pop Mart International Group has surged this year, with a market value exceeding HKD 350 billion. As of the end of last year, the company had 401 stores in mainland China and 130 stores in Hong Kong, Macau, Taiwan, and overseas, spanning over 30 countries and regions. Overseas business revenue accounts for more than 38%. However, the market value of the related cryptocurrency LABUBU has fallen to $27.89 million, with a 24-hour decline of 20.4%.

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The Origin and Development of Labubu

Labubu is a uniquely shaped plush toy character designed by artist Long Jia Sheng. Its inspiration comes from Norse mythology and folklore. Labubu debuted in 2015 and quickly became popular after collaborating with Pop Mart in 2019.

In the first half of 2024, the "The Monsters" series owned by Labubu generated a sales revenue of 6.3 billion RMB. In April 2025, the third generation of Labubu products sparked a buying frenzy in multiple countries. In May of the same year, a Labubu artwork was sold at auction for 1.08 million RMB.

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The Reasons for Labubu's Popularity

1. Blind box sales model: Increased the excitement and uncertainty of purchases, driving up secondary market prices.

2. Excellent cultural and creative IP: Crossing cultural barriers, loved by stars from Asia and the West.

3. Industry Chain Advantages: China's complete industrial chain and mature ecosystem support.

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The Relationship Between Meme Coins and Physical Toys

Although LABUBU coin has leveraged the popularity of physical toys, it still cannot escape the common fate of Meme coins experiencing a sharp decline. Similar cases include Pudgy Penguins, whose NFTs and Meme coins have undergone a process from peak to trough.

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Bored Apes (BAYC) and projects like CryptoPunks have faced a similar fate. Even though they were once favored by celebrities, the prices of these projects have significantly dropped from their peak.

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Conclusion

The rapid rise and fall of LABUBU coin reflects the high speculation and lack of practicality of Meme coins. Although the physical Labubu toy once became popular, when the market frenzy subsides, virtual assets lacking actual value support will ultimately face a return to their true value. This phenomenon reveals the essence of Meme coins being "born of speculation and perishing due to bubble bursts."

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