LABUBU successfully "enters the US market," with its namesake MEME coin LABUBU surging again
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LABUBU successfully "enters the US market," with its namesake MEME coin LABUBU surging again
Labubu is evolving into a cultural meme that is rapidly spreading across borders.
Navigating Web3 tides with focused insightsAuthor: Nancy, PANews
A mischievous Nordic forest elf named Labubu, with pointed ears, fangs, and a cheeky grin, is sweeping the globe at an astonishing pace, becoming a fashion statement, social currency, and even an alternative financial asset among Gen Z. Recently, the third-generation Labubu vinyl plush series made a powerful debut, triggering a buying frenzy immediately upon release. From selling out within seconds on domestic e-commerce platforms to fans queuing overnight at overseas flagship stores, from dominating streetwear photoshoots to flooding social media feeds, Labubu is evolving into a cross-border cultural meme rapidly spreading worldwide.
Beneath this global trend lies not only a precise resonance with young people’s deep-seated desire for self-expression and emotional identity but also growing attention from capital markets as an alternative asset class. It's not just traditional collectors rushing in—Labubu fever has also swept through the crypto world.
Market Cap Soars Tenfold in a Week: Thailand-Favorite LABUBU Returns to Multi-Million Dollar Valuation
Recently, the MEME coin $LABUBU surged in popularity due to the launch of its new product line, once again capturing market attention. Prominent crypto KOLs such as Ansem posted tweets featuring Labubu imagery, sparking strong community engagement.
According to GMGN data, by the time of writing, $LABUBU’s market cap had skyrocketed from hundreds of thousands to 18 million USD within a week, increasing tenfold, with a 24-hour trading volume reaching 9.5 million USD. Holderscan data shows that since May 14th, the number of $LABUBU token-holding addresses has significantly increased, indicating rising user participation and sustained market enthusiasm.
In fact, this isn’t the first time $LABUBU has stirred market excitement. Back in November 2024 during the MEME coin sector boom, $LABUBU briefly surpassed a 20 million USD market cap. Although this was not an officially issued MEME coin, it still emerged as one of the most hyped IP-driven projects at the time, with Thailand serving as a key driver of traffic for this rally.
At that time, Labubu had already sparked a phenomenon in Thailand, frequently appearing on the streets of Bangkok and becoming a symbol of youth culture. From celebrities like Blackpink’s Lisa posting Instagram photos with Labubu, to Princess Sirivannavari of Thailand carrying Labubu as her go-to handbag charm, to everyday youths wearing Labubu apparel or even getting tattoos of its image—Labubu’s popularity soared. So high was the demand that Pop Mart’s Labubu merchandise in Thailand sold out repeatedly, prompting the Tourism Authority of Thailand to award Labubu the title of “Magical Thailand Experience Officer” and host a grand welcoming ceremony, attended personally by the Minister of Tourism and Sports.
According to Pop Mart’s 2024 interim financial report, overseas revenue reached 1.35 billion RMB, a year-on-year increase of 259.6%. Southeast Asia alone contributed 560 million RMB, accounting for over 40% of total overseas revenue. Labubu’s strong performance across Southeast Asia significantly boosted investor confidence in its associated MEME coin.
Simultaneously, another Thai-origin IP, MOODENG (the little hippo), gained global fame and spawned its own MEME coin, which surged to a market cap of hundreds of millions of dollars, drawing broader market interest in Thai IP-related assets. Recently, MOODENG’s strong rebound further amplified market attention toward Labubu, potentially contributing to the resurgence of $LABUBU through positive spillover effects.
Currently, Labubu’s global popularity continues to rise. According to Google Trends, over the past 30 days, global search interest in Labubu has far exceeded that of other MEME IPs such as MOODENG, PEPE, DOGE, and Chillguy. This indicates that Labubu’s brand influence and market visibility are rapidly climbing, surpassing other similar MEME projects.
From Collectible Toy to Social Currency: The Rise of Gen Z’s Cultural Economy
The goal of "rebuilding Pop Mart overseas" is being steadily realized through Labubu’s remarkable breakout momentum.
From American pop icon Rihanna photographed at LAX airport with a pink Labubu dangling from her bag, to Hermès enthusiast Bryanboy attaching a Labubu doll to his rare platinum Birkin—netizens jokingly declared Labubu had “successfully entered the U.S. market.” Behind this global cultural export lies Labubu’s quiet migration from niche toy circles into mainstream global fashion.
Fueled by celebrity influence, Labubu rapidly spread across the globe. Just last month, Pop Mart launched its third-generation vinyl plush “High Energy Ahead” series worldwide, reigniting a fresh wave of purchasing frenzy and creating significant price premiums across multiple markets. Beyond fervent fan support in China, fans lined up overnight outside Pop Mart stores in cities including Chicago, Los Angeles, London, Milan, New Zealand, and Tokyo’s Harajuku district, all striving to get their hands on a coveted Labubu—a striking phenomenon in today’s global pop culture landscape.
Sales momentum online proved equally unstoppable. The Pop Mart app surged to the top of the U.S. App Store shopping chart and climbed 114 spots to reach fourth place on the free apps list, demonstrating its massive appeal in the North American market. On secondhand trading platforms, price markups for the “High Energy Ahead” series were particularly staggering—blind boxes originally priced at just 99 RMB saw common variants reselling at 10%-200% above retail, while rare hidden editions commanded premiums of tens of times their original value. Dubbed the “gold and Bitcoin of collectibles,” Labubu has become a sought-after “investment tool” among collectors.
On social platforms like TikTok and Instagram, Labubu has become a viral content catalyst. Young users enthusiastically post unboxing videos, fashion looks featuring Labubu, and “doll wall” displays, with some creators launching dedicated accounts that quickly amass millions of followers. As topic热度 and engagement continue to climb, this viral dissemination path not only amplifies Labubu’s social influence but also serves as a core lever in Pop Mart’s content and community strategy.
More notably, unlike previous collectibles primarily seen as hobbies or收藏 items, Labubu has evolved into a universal “currency” within global youth social scenes. At midnight markets and streetwear events in Bangkok, collectors trade rare Labubu figures for luxury bags and concert tickets; at Harrods in London, one collector exchanged a pre-owned Hermès Kelly bag for a rare Labubu character; at Coachella in Los Angeles, fans traded limited-edition Labubus for festival passes; during a recent潮流 exhibition in Shanghai, one attendee swapped three iPhone 14 Pro units for a single hidden Labubu figure. This phenomenon of “collectibles as currency” signifies that Labubu is no longer just a social asset—it has become a symbolic medium for identity recognition and aesthetic alignment among young people.
Today, Labubu has gradually matured into a globally recognized IP with full-chain commercial capabilities, driving a flywheel effect in Pop Mart’s business model. In 2024, the THE MONSTERS series, to which Labubu belongs, generated 3.04 billion RMB in revenue for Pop Mart, a year-on-year surge of 726.6%, accounting for nearly a quarter of the company’s total annual revenue. Among these, vinyl plush products emerged as Labubu’s standout hit, generating 2.83 billion RMB in sales, with its share jumping from 3.2% to 21.7%, making it the second-largest product category after figurines. Meanwhile, Pop Mart’s stock hit a record high of 201.6 HKD, delivering a year-to-date return of nearly 121.4%.
In many ways, Labubu’s global rise mirrors the emergence logic of MEME coins. At their core, both are cultural phenomena driven by emotional value, achieving rapid breakout via social media virality, community-led propagation, and strong identity affiliation. Whether young fans queue overnight for a hidden Labubu variant or investors rush to buy a token based on a single meme image, both reflect today’s youth craving for self-expression, community belonging, and participatory voice. They are now becoming archetypes of the new generation’s cultural economy.
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