Recently, LABUBU has garnered significant attention in the trendy toy field. As the core IP image of Pop Mart (09992.HK), LABUBU has rapidly gained global popularity with its quirky and charming “sprite” appearance, becoming a sought-after object among many trendy toy enthusiasts.
However, this phenomenon has also attracted attention in the cryptocurrency circle. Reporters noticed that a virtual currency named “LABUBU” (hereafter referred to as “LABUBU Coin”) quietly went live recently, leveraging the popularity of trendy toy IPs, and has been listed on multiple exchanges. In the initial launch period, the price of this virtual coin once surged sharply but then experienced a significant drop. As of June 11, this coin has undergone multiple rounds of dramatic rises and falls, with the lowest price during trading dropping 87.01% from its highest price.
In fact, it is not uncommon in the virtual currency market for virtual tokens to be issued based on hot events or popular culture. However, this behavior often hides significant risks. Industry insiders warn that the launch of LABUBU Coin is a typical speculative behavior in the cryptocurrency circle, and its huge price fluctuations fully expose the high investment risks behind it. Most of these projects lack any real value and are essentially fraudulent and pyramid schemes.
According to data from the cryptocurrency market tracking platform CoinMarketCap, LABUBU Coin opened at a price of $0.04429 on its first day of trading, and then the price was driven up, reaching a peak of $0.08786, an increase of 98.37%. However, its price quickly fell back to a low of $0.02915, a decrease of 34.18% from the opening price on that day.
In the subsequent 16 trading days, the price of LABUBU Coin has experienced daily volatility, with a low of $0.01590 (on June 4) and a high of $0.12244 (on May 30). If investors had purchased at the peak on May 30, they would face a loss of up to 87.01% by the lowest point on June 4. Recently, the market value of LABUBU Coin once exceeded $55 million, but as investor trading enthusiasm declined, its market value gradually dropped to $45 million by the time of this report on June 11.
The reporter saw on the promotional webpage that LABUBU Coin is not officially issued by Pop Mart but is launched by a group of community-driven developers. Yu Jianing, co-chairman of the Blockchain Special Committee of the China Communication Industry Association, stated that LABUBU Coin essentially capitalizes on market sentiment, attracting funds and increasing hype by leveraging LABUBU's high popularity and strong communication power in the trendy toy circle; its price rapidly rises and falls in the short term, showing characteristics typical of liquidity concentration followed by rapid decline.
"This is clearly just a hype. Two weeks have passed, and the attention has significantly decreased." A cryptocurrency practitioner candidly told reporters that there is a generally negative view of such coins within the circle. They believe that this coin is merely a product of hype surrounding hot topics, with its price driven entirely by market sentiment and speculation, lacking any real assets to support it, and the so-called liquidity does not exist at all. "The popularity of such coins comes quickly and goes quickly; once market sentiment reverses, the price will collapse instantly," said the aforementioned cryptocurrency practitioner.#LABUBU 
