What is Labubu?
A sharp-eared, tusked, and slyly smiling Nordic forest elf named Labubu is sweeping across the globe at an astonishing speed, becoming a fashion item and social currency in the eyes of Generation Z, and even an alternative financial tool. Recently, the third generation plush series of Labubu has made a strong debut, triggering a purchasing frenzy as soon as it went online. From sellouts on domestic e-commerce platforms to overnight queues at overseas flagship stores, and from being the center of attention in street fashion to creative social media posts, Labubu is evolving into a cultural meme that transcends borders and spreads rapidly.
The global trend sweeping across is not only precisely hitting the deep-seated desire of young people for personality release and emotional expression but has also become an alternative asset of concern in the capital market, attracting not only traditional collectors but also the crypto world to catch the Labubu wave.
A weekly surge of dozens of times, the LABUBU that is sweeping Thailand has returned to a market value of ten million dollars.
Recently, the MEME coin $LABUBU has gained attention again due to the release of a new product series, becoming a focal point in the market. Notable crypto KOLs like Ansem have tweeted with Labubu images, resonating strongly with the community.
According to GMGN data, as of the time of writing, $LABUBU's market capitalization skyrocketed from several hundred thousand dollars to 18 million dollars within the past week, soaring dozens of times, with trading volume reaching 9.5 million dollars in the past 24 hours. Holderscan data shows that since May 14, the number of addresses holding $LABUBU has significantly increased, indicating that user participation and market enthusiasm are continuing to heat up.
In fact, this is not the first time $LABUBU has caused a sensation in the market. As early as November 2024, during the MEME coin sector explosion, $LABUBU's market capitalization had surpassed $20 million. Although this was not an officially released MEME coin, it still became one of the major hyped IP projects at that time. The Thai market was an important traffic engine for this round of market activity.
At that time, Labubu had already sparked phenomenal attention in Thailand, with its image frequently appearing on the streets of Bangkok, becoming a symbol of trendy culture. From celebrities, such as Blackpink member Lisa posting a photo with Labubu on Instagram, to ordinary young people wearing Labubu clothing or even using its design for tattooing, Labubu has gained immense popularity. In light of this high popularity, Pop Mart's Labubu-related products in Thailand were once in short supply, and the heat even drew significant attention from the Tourism Authority of Thailand, granting Labubu the title of 'Magical Thailand Experience Officer' and holding a grand welcome ceremony, with the Minister of Tourism and Sports personally attending.
According to the mid-2024 financial report released by Pop Mart, its overseas revenue reached 1.35 billion yuan, a year-on-year growth of 259.6%. Among these, the Southeast Asian market contributed revenue of 560 million yuan, accounting for more than 40% of total overseas revenue. Labubu's strong performance in Southeast Asia has also greatly boosted investor confidence in its related MEME coins.
At the same time, another local Thai IP, MOODENG (Little Hippo), has also gained worldwide popularity and spawned a MEME coin of the same name, with its market capitalization being hyped up to hundreds of millions of dollars, drawing market attention to Thai IP assets. Recently, MOODENG's strong rebound has further increased market attention on Labubu, potentially becoming an important spillover effect for the recovery of 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 has far exceeded that of MEME-related IPs like MOODENG, PEPE, DOGE, and Chillguy. This indicates that Labubu's brand influence and market attention is rapidly increasing globally, far surpassing other similar MEME projects.
From trendy toys to social currency, the rise of the cultural economy behind Generation Z.
"The goal of 'recreating a Pop Mart overseas' is being gradually fulfilled by Labubu's astonishing outburst speed.
From American pop diva Rihanna being photographed at Los Angeles airport with a pink Labubu bag, to seasoned Hermès player Bryanboy hanging a Labubu doll on a rare platinum bag... Labubu has been humorously dubbed 'successfully breaking into America' by netizens. Behind this worldwide cultural phenomenon, Labubu has quietly completed a cultural migration from the trendy toy circle to the global mainstream fashion scene.
Driven by the celebrity effect, Labubu quickly swept across the globe. Just last month, Pop Mart launched the third generation of Labubu rubber plush products 'High Energy Ahead' series globally, triggering another wave of purchasing frenzy and evident premium phenomena in multiple markets. In addition to the domestic fans' fervent pursuit, fans even queued overnight in front of Pop Mart stores in Chicago, Los Angeles, London, Milan, New Zealand, and Harajuku in Tokyo, just to purchase their desired Labubu, creating a remarkable spectacle of contemporary global trendy culture.
Not only is it booming offline, but online sales are also unstoppable. The Pop Mart App has topped the shopping list in the US App Store and surged 114 places to fourth in the free list, demonstrating its tremendous appeal in the North American market. On second-hand trading platforms, the premium for the 'High Energy Ahead' series Labubu is particularly astonishing — blind boxes originally priced at only 99 yuan have seen common models generally increase by 10%-200%, while hidden models have even appreciated by dozens of times, making them like gold and Bitcoin in the trendy toy world, quickly becoming 'financial tools' in players' eyes.
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 outfit pairing with Labubu', and 'doll display walls', even setting up dedicated content accounts to quickly gather millions of followers, with the topic's heat and attention continuously rising. This fragmented dissemination path not only amplifies Labubu's social influence but also constitutes the core leverage of Pop Mart's content and community operations.
More noteworthy is that, unlike previous trendy toys mainly seen 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 exchange hidden Labubu models for luxury bags and concert tickets; in Harrods, a collector exchanged 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 trendy exhibition in Shanghai, players even exchanged three iPhone 14 Pros for a hidden Labubu... This phenomenon of 'trendy toys as currency' not only signifies that Labubu is a form of social capital but also becomes a medium symbol of identity recognition and aesthetic resonance among young people.
Now, Labubu has gradually become a global IP with comprehensive business capabilities, triggering 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 growth of 726.6%, accounting for nearly a quarter of the company's total annual revenue. Among them, the rubber plush products have become the annual blockbuster for Labubu, with sales revenue reaching 2.83 billion yuan, and the sales proportion jumped from 3.2% to 21.7%, making it the second-largest category for the company after figurines. At the same time, from a stock price performance perspective, 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 behind the rise of MEME coins. Both are essentially cultural phenomena driven by emotional value, quickly breaking boundaries thanks to the fragmentation of social media, community self-propagation, and a strong sense of identity. Whether it's young people queuing overnight for hidden Labubu models or investors rushing to buy a token due to a MEME image, it reflects the contemporary youth's desire for self-expression, community identity, and participation in discourse, becoming a model for the new generation of cultural economy.
This article is cooperatively reprinted from: PANews
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