Labubu is sweeping the globe, but the meme coin of the same name cannot escape the fate of a big dump.

Labubu is a popular plush toy based on a sprite character, and its manufacturer's stock price soared 10 times in 2024, with a year-to-date increase of over 200%, pushing its market value past 350 billion HKD. 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, with operations in over 30 countries and regions, and overseas revenue accounting for more than 38%. However, the related Meme coin LABUBU has failed to maintain the same momentum, with its market value dropping to 27.89 million USD, experiencing a 24-hour fall of 20.4%.

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The Origin and Development of Labubu

Labubu is a character designed by Hong Kong artist Long Jiaseng, who grew up in the Netherlands. Its features include a round, furry body, wide-open big eyes, pointy ears, and nine sharp teeth that create a mischievous smile. Long Jiaseng created the story series "The Monsters," inspired by Nordic folklore and mythology.

Labubu made its debut in 2015 and gained wider attention after collaborating with a toy company 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 rubber plush products sparked a buying frenzy in multiple countries. In May of the same year, the namesake Meme coin LABUBU was launched but ultimately could not escape the fate of a price fall.

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Reasons for Labubu's Popularity

1. Blind Box Sales Model: Increases the excitement and uncertainty of purchasing, driving up the secondary market prices of popular styles.

2. Excellent Cultural IP: It transcends cultural barriers, being embraced by Asian culture and loved by Western celebrities.

3. Global Consumer Goods: The accumulation and innovation of product creation and promotion, coupled with China's complete industrial chain and mature industrial ecosystem, have promoted its global development.

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The Relationship Between Meme Coins and Physical Toys

Despite LABUBU capitalizing on the popularity of physical blind box toys, it still cannot escape the fate of the big dump of Meme coins. Similar cases include Pudgy Penguins, which achieved good results with its NFTs and physical toys, but the related Meme coin PENGU still experienced a significant fall.

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Well-known NFT projects like Bored Ape Yacht Club (BAYC) and CryptoPunks have also experienced similar price fluctuations. Even with the support of celebrities and large companies, the prices of these digital assets have still significantly fallen from their peaks.

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Conclusion

The rapid rise and subsequent fall of LABUBU's price reflect its high speculative nature and lack of practical use. Even though the physical Labubu toys were once very popular, when the market heat dissipates, speculative assets lacking practical value support will ultimately face a return to value. This phenomenon is a true portrayal of the essence of Meme coins: "born out of speculation, perished due to bubble bursts."

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