LABUBU Token, as a memecoin based on the Solana blockchain, has experienced two significant surges since its issuance in October 2024, attracting the attention of numerous investors. As of now, LABUBU is still striving for new highs. This article will review its issuance, reasons for the surge, and how to seize similar opportunities, summarizing the experience of investing in meme tokens.
"Second Surge of the Golden Dog"
In October 2024, the LABUBU token was issued on Solana, and its IP, the Labubu toy, was launched by POP MART. With a unique design featuring a fluffy round body, big eyes, pointy ears, and nine sharp teeth, it showcases a mischievous, curious, and kind personality.
After its issuance, the Labubu token quickly gained popularity. On July 1, 2024, the Tourism Authority of Thailand (TAT) held a "Labubu Welcome Ceremony" in collaboration with POP MART, where the Labubu mascot received a grand welcome at Bangkok's Suvarnabhumi Airport and was awarded the honorary title of "Thailand Experience Explorer." The Thai princess was seen pairing Labubu with a Hermès bag, and BLACKPINK member LISA frequently shared photos with Labubu on social media, further elevating Labubu's popularity.
On May 19, 2025, the Labubu token officially launched on the BingX exchange, with deposit time at 10:00 UTC, trading time at 10:30 UTC, and withdrawal time on May 21 at 10:00 UTC. Additionally, BingX launched an airdrop event related to Labubu, where participants could share and like posts for a chance to win a share of a 500 USDT reward, further enhancing community engagement. On that day, LABUBU's market capitalization surpassed 16 million USD, with a 24-hour increase of 147% and a trading volume of 8.8 million USD.
Returning to the public eye, Labubu surged rapidly, with its market capitalization breaking 20 million USD on the evening of May 22, surpassing 30 million USD on the morning of the 26th, exceeding 35 million USD that evening, and reaching over 45 million USD on the morning of the 27th, peaking close to 50 million USD, continuously setting new highs. Compared to the highest point of 20 million USD reached at its initial issuance, this second surge of LABUBU is evidently more explosive.
According to the annual report released by Pop Mart, the "THE MONSTERS" IP, which includes Labubu, generated a revenue of 3.04 billion CNY in 2024, accounting for 23.3% of total revenue. Out of a total revenue of 13.038 billion CNY, overseas revenue reached 5.066 billion CNY, a staggering year-on-year growth of 375.2%. The Southeast Asian market contributed 2.403 billion CNY, accounting for 47.4% of total overseas revenue.
Pop Mart's stock price has also risen in tandem with the popularity of its IP. When Labubu was first released in October 2024, Pop Mart's stock price was around 55 HKD, but now, eight months later, it has climbed to 233.2 HKD, an increase of 323.6%. The soaring stock price of Pop Mart, the enthusiastic response to the "THE MONSTERS" IP, and Labubu's breakout and popularity in Southeast Asia have greatly boosted investor confidence in its related MEME coins.
"Head of the Car" DNF, and the Big Winners of LABUBU
According to GMGN's front-row data, the whale with the highest earnings has made a profit of 579,200 USD on LABUBU, realizing a profit of 348,300 USD. Interestingly, this whale actively participated when LABUBU was just launched, continuously increasing its position even during the first round when the price nearly hit zero. About a month before the news about LABUBU was announced, on April 25, it began to accumulate at the bottom. As of now, this whale has not liquidated its position, holding for a total of 235 days.
Among the front-row whales, the well-known "Head of the Car" Gake, more commonly known by her other name "DNF," has also garnered significant discussion. DNF's operations are similar to the top address; when LABUBU was just released last October, DNF traded this token. At that time, LABUBU's market capitalization fluctuated around a few million USD, and DNF concentrated on buying around 2 million USD in market cap and selling around 6 million USD. Subsequently, aside from selling about 280,000 tokens when LABUBU's market cap rose to around 20 million in mid-November, DNF has held approximately 26 million tokens without liquidating, even when the market cap plummeted to a few hundred thousand USD, maintaining a "diamond hand." On May 14, 180 days later, DNF's wallet added another 38 million tokens, after which LABUBU entered a phase of rapid increase.
After that, LABUBU continued to rise, and DNF kept selling. By the 24th, this wallet had realized a total profit of 76,600 USD on LABUBU.
In addition, when LABUBU was first launched last year, an address starting with DBzhEX spent 72,200 USD to purchase 30.94 million LABUBU tokens, which are now worth 1.33 million USD (based on a market cap of 43 million USD). This whale is a true diamond hand, having previously spent 527,000 USD to buy 19.14 million LUCE, which was worth as much as 5.74 million USD at its peak but has now dropped to only 164,000 USD, turning a floating profit of 5.2 million USD into a loss of 363,000 USD.
Besides investors who participated in the first round of purchases last year, there are also whales who made profits by participating in just the second round. The address ranked third in profits, with funding sources showing as "Wang Xiaoer," is one such case. This address bought 64 million tokens in two transactions on the morning of May 19 and has since sold in batches multiple times, currently realizing a profit of 127,000 USD, with a return rate of 911%.
Reflecting on the success of the Labubu token, the most direct reason is its IP foundation and the out-of-circle effect of community dissemination. Labubu is a popular toy IP under POP MART, officially recognized by the Tourism Authority of Thailand, and has received multiple endorsements and promotions from celebrities, further enhancing Labubu's global recognition and sparking worldwide enthusiasm. The official promotion and the unique way to obtain airdrop opportunities also stand out, requiring participants to post cute LABUBU photos and original tweets, encouraging friends to like and retweet, which accelerated Labubu's breakout promotion.
The success of memes is often closely tied to pop culture, such as associations with popular toys, celebrities, movies, or social media trends. Investors should closely monitor cultural phenomena and choose IPs with the potential for cultural breakout, especially those with validated popularity through physical products. However, the meme coin market is highly speculative, with significant price volatility, and investors should be cautious of risks. As of May 27, 2025, the end of the airdrop event may further impact prices, and it is advisable for investors to observe price trends and act cautiously.
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