What is Labubu? From a trendy toy to a meme coin

  • Physical trendy toy IP: Labubu is a popular IP under Pop Mart, designed by artist Long Jiaxing, and is loved by Generation Z for its "ugly and cute" appearance (bitget.com). In 2024, its physical toy sales will exceed RMB 3 billion, becoming a trendy toy hot product in Southeast Asia, Europe and the United States.

  • On-chain Meme coin: Transformed into the Solana-based Meme coin $LABUBU, with a total supply of 1 billion. The coin issuance logic is "zero tax + locked liquidity", and the main feature is community-driven entertainment attributes.

🚀 Why is there a "splash"? Analysis of the business imitation model

1️⃣ IP drive + social communication = spontaneous community effect

  • Hollywood stars such as Lisa and Rihanna of BLACKPINK frequently appeared in the store, which helped to increase the popularity of Labubu and made it a viral topic on TikTok and Weibo (bitget.com).

  • Meme coins issued on the chain inherit the real-world popularity and quickly attract trend investors.

2️⃣ Off-chain scarcity + on-chain resonance = premium amplification

  • Physical Labubu trendy blind boxes are scarce, and some can be sold for tens of thousands of yuan in the secondary market (blockweeks.com), resulting in an extreme premium phenomenon of "millions/piece".

  • $LABUBU on the chain has both supply constraints and market sentiment, and the high resonance has caused the price of some "rare edition" coins to rise to the level of 1.08 million yuan.

3️⃣ Imitating the NFT explosion path: packaging + selling scarcity + community-driven

The gameplay of Labubu is almost the same as the path of NFT project explosion:

  • Market Cap Fluctuation: Short-term breakout above $63 million market cap, with daily trading volume of nearly $9.7 million.

  • Price range: The peak price reached $0.035, but CoinW also monitored a daily drop of more than 20%.

  • Extreme premiums for rare NFTs: The prices of some rare physical models have soared to RMB 100,000 to 1 million, and community enthusiasm has increased sentiment valuations.

🧭 Investment Inspiration & Risk Reminder

  1. Virtual-real linkage is a new paradigm for market explosion
    Labubu packages "real world IP + on-chain Meme coin" and is an innovative path for linking the physical and digital economies. Other IP projects may follow suit, but success is difficult.

  2. Emotionally driven risks
    After a sharp rise, there is often a cliff-like drop (a drop of more than 20% is common). The meme field is highly dependent on community popularity. Once public opinion cools down, the premium evaporates quickly.

  3. Suggestions for newcomers

    • Enter the market with a small amount, set a stop loss limit, and don't empty your wallet to chase the trend.

    • Continue to pay attention to IP activity and on-chain community dynamics.

    • Focus on project compliance and issuance chain security.

Labubu is a typical commercial imitation superposition model of "IP + Meme coin + community craze" - the physical IP provides cultural endorsement, the on-chain issuance and Meme coin gameplay provide a participation mechanism, and then the community spreads to create emotional resonance, thereby driving extreme prices. It is highly similar to the logic of early NFT projects, but it is injected with more socialization and off-chain linkage. For investors, it is important to understand that it is an emotion-driven "cash game" with both risks and pleasure. #nft $BTC