In 2025, LABUBU is undoubtedly a super symbol of global trend culture. From the plush monsters under the Bubble Mart brand to the meme coin $LABUBU sweeping Web3, this IP has rapidly gained popularity from China to Southeast Asia, and then to Europe and America, driving Bubble Mart's market value to exceed HKD 260 billion, while also sparking a speculative frenzy in the crypto market. This article deeply analyzes the underlying logic behind LABUBU's explosive popularity, the driving forces behind the surge of the $LABUBU token, and the future potential of this IP under the integration of Web2 and Web3.
LABUBU's Trendy Toys: A Dual Explosion of Contrast and Globalization
On April 24, 2025, LABUBU's third-generation rubber plush product series "High Energy Ahead" was globally launched, and that night "抢LABUBU" topped Weibo's hot search. Online sales in China sold out in seconds, while offline stores in Los Angeles, London, and Harajuku, Japan, saw long queues. The Bubble Mart app topped the shopping charts in the US App Store, briefly surpassing luxury giant Kering Group in market value.
- Breaking Design Boundaries: The Ultimate Interpretation of Contrast and Cuteness
LABUBU, created by artist Long Jiasheng, features a plush design with long rabbit ears and nine small teeth, embodying an "ugly-cute" aesthetic that subverts traditional notions of cuteness. X user @dorisyincpa pointed out that this design, which is "so ugly it's trendy," precisely hits Generation Z's pursuit of individuality. In 2025, LABUBU further strengthened its visual impact through diverse colors and upgraded details (such as dynamic expressions in the "High Energy Ahead" series), resonating with global consumers.
- Star Marketing and Social Media Amplification
The Instagram sales effect of BLACKPINK member Lisa continued into 2025, with celebrities like Thai Princess Ubolratana frequently showcasing LABUBU, boosting its top-tier status in Southeast Asia. Social media became an ignition point, with the catchy tune "Labubu, LabuLa~bu Labubu" going viral on TikTok, while discussions on Weibo and X platform (such as "high popularity overseas, but the domestic army has not yet arrived") further amplified the topic.
- Blind Box Economy and Collaboration Frenzy
Bubble Mart's blind box mechanism gives LABUBU collectible value, with hidden variants priced over 20 times their original value, and the average price on second-hand platforms reaching 1981 yuan per box. In 2025, the LABUBU collaboration with Vans saw prices soar from 599 yuan to 14,000 yuan, a 23-fold increase, highlighting the role of scalpers and market frenzy. Cross-industry collaborations with "Ne Zha 2" and Thai tourism promotions pushed the IP to a broader audience, with "Ne Zha 2" grossing 13.5 billion yuan globally, fueling LABUBU's overseas expansion.
- Cultural Export of National Trends: From Southeast Asia to Europe and America
LABUBU's explosion in Southeast Asia is particularly notable, with daily revenues in Thai concept stores exceeding 10 million yuan, and consumers flocking from Singapore and Malaysia. In March 2025, Bubble Mart opened a LABUBU pop-up store in Harrods, London, and the price increase strategy in the US market did not dampen consumer enthusiasm, highlighting China's global pricing power in trendy toys. Bubble Mart's overseas business grew by 375% in 2024 and continued to lead in 2025, with LABUBU becoming a pioneer in the national trend's overseas expansion.
$Surge of the $LABUBU Token: Transition from Web2 Popularity to Web3 Speculation
In 2025, the $LABUBU token surged on the Solana chain, with its market value skyrocketing from $2 million to $36 million, peaking at $96 million. The surge is driven by both the continued popularity of the IP and the speculative logic of the meme coin market.
- IP Empowerment: A Narrative Bridge from Web2 to Web3
LABUBU's global popularity provides a natural traffic pool for the token. X user @0CryptoZero stated that LABUBU is "an important entry point for Bubble Mart's overseas expansion, one of the hottest IPs globally." The success of Web2 (such as daily revenues of 10 million yuan in Thai stores) directly translates into narratives for Web3, attracting investors familiar with the IP and lowering trust costs.
- Market Manipulation and Market Sentiment
Discussions on the X platform reveal that $LABUBU was "revived" by manipulators after a period of dormancy, igniting the market through aggressive trading and price manipulation. @1109ord mentioned "a familiar formula, a strong revival," while @vvxiaoyu8888 believed "there's a manipulator involved, pulling the strings." Manipulators leveraged social media hype (such as the TikTok craze) and the physical trendy toy wave (like the hot sales of rubber plush toys) to drive up prices, with an 11-fold increase in market value highlighting speculative fervor.
- Meme Coin Characteristics: Low Market Value and High Volatility
$LABUBU was launched on the Pumpfun platform with a low initial market value, and the distribution of chips is favorable for manipulation. The meme coin sector is active, and $LABUBU capitalizes on this trend. Features like "zero tax, locked liquidity" lower trust barriers, attracting speculators to chase higher prices.
Future of LABUBU IP: Potential for Integration of Web2 and Web3
- Web2: A Globally Expanding IP
LABUBU's IP vitality stems from Bubble Mart's globalization strategy. In 2025, overseas markets contributed significantly, with Southeast Asia leading the charge, while the potential of the European and American markets remains to be tapped. Collaborative strategies (such as partnerships with international brands and NFT projects) and new product iterations (like the anticipated LABUBU 4.0) will maintain interest. However, shareholder sell-offs (such as the exit of Fengqiao Capital) have raised concerns about valuation bubbles, necessitating caution regarding market fluctuations.
- Web3: Transitioning from Meme to Ecosystem
The $LABUBU token currently lacks practical applications, relying solely on IP narratives and speculation for its drive. In the future, integrating NFTs, GameFi, or DeFi (such as LABUBU-themed NFT collectibles) could potentially break the limitations of meme coins. X user @MOEW_AgentCN believes that $LABUBU is gaining global traction through "popularity-driven speculation." However, issues regarding authorization (whether it has Bubble Mart's endorsement is uncertain) and regulatory risks (as global crypto policies tighten) need to be addressed.
- Risks and Opportunities Coexist
The IP value of LABUBU is undeniable, but the heat of the trendy toy market is unpredictable, with a second-hand premium (23 times) hiding bubble risks. The high volatility of the $LABUBU token (recently down 12.69%) and market manipulation exacerbate uncertainty. In the long term, the global recognition of the IP and community building are key, requiring more exchanges to list and ecological implementation.
Conclusion: The Crossroads of a Phenomenal IP
LABUBU's explosive rise is a perfect storm of design innovation, star marketing, blind box economy, and national trend exports, while the $LABUBU token surges on the coattails of the IP and speculative frenzy. In 2025, this IP stands at the intersection of Web2 and Web3, with both opportunities and challenges ahead. In the short term, the trendy toy craze and meme coin speculation will continue to amplify its presence; in the long term, the global expansion of the IP and the construction of the Web3 ecosystem will determine whether it can evolve from a phenomenal hit into a core cultural symbol. Investors and players need to remain rational, be wary of bubbles and volatility, and grasp the true value of this "plush monster."
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