In the global wave of trendy toy culture, Labubu, a brand under Pop Mart, is undoubtedly a shining star. This "forest sprite" with sharp ears, tusks, and a plush, cute appearance has not only swept the physical toy market but has also successfully crossed into the Web3 world in the form of the Meme coin $LABUBU on the Solana blockchain, with a market value exceeding $56 million, recently surging by 98.35%.
Labubu's story began in 2015 when Hong Kong artist Kasing Lung first sketched this half-rabbit, half-monster sprite in the Nordic mythology-style picture book "The Monsters." With its long rabbit ears, nine tiny tusks, fluffy body, and quirky expressions, Labubu embodies a unique "ugly-cute" aesthetic that is starkly different from traditional cute images. This contrast quickly attracted young consumers seeking individuality, planting the seeds for Labubu's popularity. In 2019, Pop Mart keenly captured the potential of this IP, introducing Labubu into its blind box series, launching plush keychains and vinyl figures, which ignited the global trendy toy market.
Pop Mart's blind box mechanism provided the perfect stage for Labubu's explosive popularity. Consumers unbox blind boxes with unknown expectations, chasing rare hidden editions; this combination of "gambling" psychology and the joy of collecting greatly stimulated purchasing enthusiasm. In 2024, Labubu's "Forward High Energy" series blind boxes were released globally, with the ordinary version originally priced at 99 yuan being resold at a premium of 10% to 200%, while rare hidden editions even soared to 2,300 yuan, a markup of over 20 times. In Thailand, players exchanging Labubu for Hermes bags became a hot topic; at Harrods in London, collectors traded Labubu for Kelly bags; at a trendy toy exhibition in Shanghai, the phenomenon of trading three iPhone 14 Pros for a hidden edition left many astonished. This frenzy not only highlighted Labubu's collectible value but also made it a "hard currency" in Gen Z social circles, almost endowing it with an alternative "financial management" attribute.
Pop Mart's globalization strategy further catalyzed Labubu's global influence. In 2024, Pop Mart's overseas revenue grew by 259.6% year-on-year, and Labubu sparked a buying frenzy in the markets of the United States, the United Kingdom, Australia, and Japan. Especially in Thailand, Labubu blind boxes caused long queues of thousands, and the Tourism Authority of Thailand even awarded it the title of "Amazing Thailand Experience Officer," viewing it as a symbol of cultural export. Labubu is no longer just a toy but a cross-border cultural symbol connecting the emotions and identities of global trendy toy enthusiasts.
Labubu's global rise is inseparable from celebrity culture and the viral spread of social media. Starting in 2024, Labubu began to frequently appear in the daily lives of global stars. BLACKPINK member Lisa showcased a Labubu keychain on Instagram, igniting enthusiasm among fans in South Korea and Southeast Asia, leading to a rapid sellout in the local toy market. Pop diva Rihanna was photographed holding Labubu, which made its way into European and American fashion magazines, while a British avant-garde artist incorporated it into installation art, and David Beckham even integrated Labubu elements into his design brand. These celebrities' "unintentional endorsements" significantly boosted Labubu's exposure, elevating it from the trendy toy circle to a global fashion symbol.
The amplification effect of social media provided fertile ground for Labubu's popularity. On TikTok and Instagram, Gen Z users showcased Labubu toys, shared DIY modification videos, or created Labubu memes, building a vibrant content ecosystem. This user-generated content not only reinforced the sense of community around Labubu but also made it a form of "visual social currency," representing the trendy tastes and cultural attitudes of young people. In May 2025, Labubu's global Google search volume surged by 480%, surpassing traditional meme IPs like Pepe and DOGE, with particularly impressive performance in Asian and European and American markets. This culture-driven viral spread not only solidified Labubu's position in the physical market but also laid a solid foundation for the rise of the $LABUBU Meme coin.
In October 2024, the $LABUBU Meme coin was launched on the Pump.fun platform of the Solana blockchain. Although it did not receive official authorization from Pop Mart, it quickly attracted the attention of the cryptocurrency community due to Labubu's global IP popularity. Solana, with its low transaction fees and high throughput, became an ideal ecosystem for Meme coin projects, allowing $LABUBU to stand out in a short time. Its market value performance was like a roller coaster: it briefly surged to $10 million at launch, then fell below $1 million, until recently, driven by the hot sales of Labubu's third-generation toys and the suspension of sales in the UK market, the market value skyrocketed from $814,700 to $49.16 million, an increase of 5,934%.
The success of $LABUBU is not merely a speculative bubble; it is rooted in the deep integration of culture and technology. Firstly, as a globally recognized IP, Labubu provides a strong fan base and emotional connection for the brand, distinguishing it from many fleeting Meme coins. Whether through Lisa's social media exposure or the buying frenzy in the Thai market, Labubu's cultural narrative gives $LABUBU a unique value anchor. Secondly, the technical advantages of the Solana ecosystem provide $LABUBU with an efficient trading environment. Zero fees and liquidity-locking designs reduce market friction, attracting a large number of retail and high-frequency traders. Additionally, $LABUBU adopts a 100% community-owned model, with no team reserved shares, emphasizing decentralized governance. Holders can also participate in exclusive art events or obtain limited Labubu collectibles, greatly enhancing community stickiness.
However, the rise of $LABUBU also comes with significant risks. The high volatility of the Meme coin market makes its price easily influenced by market sentiment. In May 2025, $LABUBU experienced a single-day drop of 26.06%, highlighting its speculative nature. Due to the lack of official endorsement from Pop Mart, $LABUBU faces legal and compliance risks, especially in a globally tightening regulatory environment. Furthermore, with 3-5 new Meme coin projects launched daily within the Solana ecosystem, capital diversion and intensified market competition may weaken $LABUBU's long-term appeal. DexScreener data also reveals a more concerning phenomenon: since 2024, there have been as many as 27 derivative Meme coins named after Labubu, and investors need to be particularly cautious of counterfeit risks.
For investors or enthusiasts looking to participate in the Labubu craze, $LABUBU presents both opportunities and challenges. Firstly, choosing a reliable trading platform is crucial. Decentralized exchanges (DEX) like Raydium, DexScreener, and GMGN provide a transparent trading environment, and the official contract address JB2wezZLdzWfnaCfHxLg193RS3Rh51ThiXxEDWQDpump is key to identifying authenticity. Secondly, the high volatility of Meme coins requires strict risk management; investors should only invest funds they can afford to lose to avoid losses from chasing highs. Additionally, closely monitoring community dynamics is an effective way to grasp market trends.
Finally, being wary of "rug pull" risks is the bottom line of Meme coin investment. The current decentralized holding distribution of $LABUBU (the top 10 addresses account for only 13%) reduces the possibility of market manipulation, but transparency in liquidity allocation still needs to be continuously monitored.
Labubu's success is not only a cross-border experiment between trendy toys and blockchain but also reveals the new potential of cultural IP in the Web3 era. Unlike purely digital Meme coins like $PEPE or $MOODENG, $LABUBU's reliance on the global influence of the Labubu physical IP gives it stronger risk resistance and cultural narrative. Analysts predict that if the Meme coin market remains hot in 2025, $LABUBU's market value could exceed $150 million, with a price potentially reaching $0.50, a 15-fold increase from the current level. However, achieving this goal depends on several key factors: whether Pop Mart can continue to launch innovative Labubu products to maintain the long-term popularity of the IP; whether $LABUBU can expand more on-chain application scenarios, such as NFT collaborations or blockchain game development, to enhance its functional value; and whether Pop Mart's ongoing globalization strategy can provide $LABUBU with a broader market space.
From a broader perspective, Labubu's rise reflects a new paradigm of business logic: culture equals value. Gen Z's pursuit of individuality, community, and virtual assets is reshaping the boundaries of consumption and investment. Labubu is not only a quirky sprite in a blind box but also a digital currency token on the Solana chain, and more importantly, it is a super symbol connecting Web2 and Web3, the physical and the digital. Whether for trendy toy enthusiasts or crypto investors, Labubu's story offers a thought-provoking window: how to capture future opportunities at the intersection of culture and capital.
Related: High Risk, High Reward: Crypto Perpetual Futures Gaining Momentum in the U.S.
Original article: “Labubu Token Soars, From Pop Mart Trendy Toys to Solana Chain Meme Coin Craze”
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