Original Title: "Labubu Successfully 'Breaks into the U.S.', the Same-Named MEME Coin LABUBU is Once Again Speculated"
Original Author: Nancy, PANews
A Nordic forest sprite named Labubu, with sharp ears, fangs, and a mischievous smile, is sweeping the globe at an astonishing speed, becoming a fashion item, social currency, and even an alternative financial tool in the eyes of Generation Z. Recently, Labubu's third-generation vinyl plush series made a strong debut, triggering a buying frenzy as soon as it was launched. From sold-out items on domestic e-commerce platforms to overnight queues at overseas flagship stores, from being featured in street style photos to being widely shared on social media, Labubu is evolving into a cultural meme that transcends borders and accelerates its spread.
Behind this global trend is not only a precise hit on the deep-seated desire of young people for personal expression and emotional release but also an alternative asset that has caught the attention of the capital market. Not only is the traditional collectibles circle flocking to it, but even the crypto world is catching the Labubu wave.
A Surge of Dozens of Times in a Week, LABUBU Returns to a Market Value of Ten Million Dollars in Thailand
Recently, the MEME coin $LABUBU has seen a surge in popularity due to the release of a new product series, once again becoming the focus of market attention. Influential crypto KOLs, including the well-known Ansem, have posted tweets featuring Labubu, triggering a strong resonance within the community.
According to GMGN data, as of the time of writing, the market value of $LABUBU has skyrocketed from several hundred thousand dollars to 18 million dollars within the past week, increasing by dozens of times, with a trading volume of 9.5 million dollars in just the past 24 hours. Holderscan data shows that since May 14, the number of addresses holding $LABUBU has significantly increased, indicating a sustained rise in user participation and market enthusiasm. In fact, this is not the first time $LABUBU has caused a sensation in the market. Back in November 2024, during the explosion of the MEME coin sector, the market value of $LABUBU had surpassed 20 million dollars. Although it was not an officially released MEME coin, it still became one of the main IP projects that were hotly speculated at that time. The Thai market is a significant traffic engine for this round of market activity.
At that time, Labubu had already garnered phenomenal attention in Thailand, with its image frequently appearing on the streets of Bangkok, becoming a symbol of trendy culture. From celebrities like Blackpink member Lisa, who posted a photo with Labubu on Instagram, to Thai princess Sirivannavari using Labubu as her daily handbag companion, and ordinary young people wearing Labubu apparel or even getting its patterns tattooed on their bodies. Amidst this high popularity, Labubu-related products from Pop Mart were once in short supply in Thailand, and the heat even attracted the attention of the Tourism Authority of Thailand, which awarded Labubu the title of "Magical Thailand Experience Officer" and held a grand welcome ceremony, with the Minister of Tourism and Sports personally attending.
According to Pop Mart's mid-year financial report for 2024, its overseas revenue reached 1.35 billion yuan, a year-on-year increase of 259.6%. Among this, the Southeast Asian market contributed 560 million yuan, accounting for over 40% of total overseas revenue. Labubu's strong performance in Southeast Asia has greatly boosted investors' confidence in its related MEME coins. At the same time, another local Thai IP, MOODENG (Little Hippo), has also gained global popularity and spawned a same-named MEME coin, with its market value being speculated to several hundred million dollars, driving market attention towards Thai IP assets. Recently, MOODENG's strong rebound has further increased market interest in Labubu, potentially becoming an important spillover effect for the $LABUBU market.
Currently, Labubu's global popularity continues to rise. According to Google Trends, in the past 30 days, Labubu's search popularity worldwide far exceeds that of other MEME-related IPs such as MOODENG, PEPE, DOGE, and Chillguy. This indicates that Labubu's brand influence and market attention are rapidly increasing, far surpassing other similar MEME projects.
From Trendy Toys to Social Currency, the Rise of Cultural Economy Behind Generation Z
The goal of "recreating a Pop Mart overseas" is gradually being realized by Labubu's astonishing speed of breaking into the mainstream. From pop superstar Rihanna being photographed at Los Angeles airport with a pink Labubu hanging from her bag, to seasoned Hermès enthusiast Bryanboy also attaching a Labubu doll to his rare platinum bag… Labubu has been humorously dubbed by netizens as having "successfully broken into the U.S." Behind this global cultural output, Labubu has quietly completed a cultural migration from the trendy toy circle to the global mainstream fashion circle.
Driven by the star effect, Labubu is rapidly sweeping the globe. Just last month, Pop Mart launched the third generation of Labubu's vinyl plush products, the "High Energy Ahead" series, worldwide, triggering a new wave of buying frenzy and noticeable price premiums in multiple markets. In addition to the fervent pursuit by domestic fans, in front of Pop Mart stores in Chicago, Los Angeles, London, Milan, New Zealand, and Tokyo's Harajuku, fans even queued overnight just to purchase their desired Labubu, becoming a remarkable sight in contemporary global trend culture.
Not only is the offline sales booming, but online sales are also unstoppable. The Pop Mart app topped the shopping chart on the U.S. App Store and surged 114 places to fourth on the free chart, demonstrating its immense appeal in the North American market. On second-hand trading platforms, the price premiums for the "High Energy Ahead" series Labubu are particularly astonishing—blind boxes originally priced at only 99 yuan have seen ordinary versions increase in price by 10%-200%, while hidden versions have even reached dozens of times the original price, making them the gold and bitcoin of the trendy toy world, leaping to become "financial tools" in the eyes of players.
On social platforms like TikTok and Instagram, Labubu is also a traffic password. Young people are keen to post short videos of "blind box unboxing," "trendy outfits paired with Labubu," and "doll display walls," even setting up dedicated content accounts to quickly gather millions of followers, with topic heat and attention continuously rising. This viral dissemination path not only amplifies Labubu's social influence but also constitutes the core leverage of Pop Mart's content and community operations.
What is even more noteworthy is that unlike previous trendy toys, which were mainly viewed as collectibles or hobbies, Labubu has ascended to become "universal currency" in the social scenes of young people worldwide. At midnight markets and trendy gatherings in Bangkok, players have exchanged hidden version Labubu for luxury handbags and concert tickets; in Harrods, a collector traded a second-hand Hermès Kelly bag for a rare Labubu character; at the Coachella music festival in Los Angeles, fans exchanged limited edition Labubu for festival passes; during a recent trendy exhibition in Shanghai, there was even a player who traded three iPhone 14 Pros for a hidden version Labubu… This phenomenon of "trendy toys as currency" not only signifies that Labubu is a form of social capital but also serves as a medium symbol for identity recognition and aesthetic resonance among young people.
Today, Labubu has gradually become a global IP with full-chain commercial capabilities, also leveraging the flywheel effect of Pop Mart's business logic. In 2024, the THE MONSTERS series, to which Labubu belongs, contributed 3.04 billion yuan in revenue to Pop Mart, a year-on-year increase of 726.6%, accounting for nearly one-quarter of the company's total annual revenue. Among them, vinyl plush products have become Labubu's annual blockbuster, with sales revenue reaching 2.83 billion yuan, and the sales proportion rising from 3.2% to 21.7%, making it the second-largest category for the company after figurine products. At the same time, from the perspective of stock performance, Pop Mart has set a historical high of 201.6 Hong Kong dollars, with a year-to-date return rate of nearly 121.4%.
In a sense, Labubu's global rise mirrors the logic of the MEME coin's emergence. Both are essentially cultural phenomena driven by emotional value, rapidly breaking into the mainstream through social media virality, community self-propagation, and a strong sense of identity. Whether it's young people queuing overnight for hidden version Labubu or investors flocking to buy a token due to a MEME image, what lies behind is the contemporary young people's desire for self-expression, community recognition, and participation in discourse power, becoming a model of the new generation's cultural economy.
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