A sharp-eared, tusked, and mischievous-looking Nordic forest sprite 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 rubber plush series of Labubu made a strong debut, triggering a buying frenzy as soon as it was launched. From selling out in seconds on domestic e-commerce platforms to overnight queues at overseas flagship stores, and from being the center of attention in street style photos to dominating social media feeds, Labubu is evolving into a cultural meme that transcends borders.

Behind this global trend lies not only a precise hit at the deep desires of young people for personal expression and emotional release, but it has also become an alternative asset that has attracted the competitive attention of the capital market. Not only is the traditional collectibles circle flocking to it, but even the crypto world is being swept up in the Labubu craze.

In just a week, LABUBU, which has skyrocketed by dozens of times and is popular in Thailand, returns to a market value of ten million dollars.

Recently, the MEME coin $LABUBU has surged in popularity due to the launch of a new series of products, once again becoming the focus of market attention. Notable crypto KOL Ansem and other KOLs have published tweets featuring the Labubu image, triggering strong resonance within the community.

According to GMGN data, as of the time of writing, the market cap of $LABUBU has surged from several hundred thousand dollars to 18 million dollars in the past week, increasing by several dozen times, with a trading volume reaching 9.5 million dollars in the last 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 continue to rise.

In fact, this is not the first time that $LABUBU has caused a stir in the market. Back in November 2024, during the explosion of the MEME coin sector, the market capitalization of $LABUBU had surpassed 20 million USD. Although this is not the officially released MEME coin, it still became one of the major IP projects that were popular at that time. The Thai market was an important traffic engine for this round of market trend.

At that time, Labubu had attracted phenomenal attention in Thailand, with its image frequently appearing on the streets of Bangkok, becoming a representative symbol of trendy culture. From celebrities, such as Blackpink member Lisa who shared a photo with Labubu on Instagram, to Thai princess Sirivannavari who used Labubu as her daily handbag “bag buddy”, to ordinary young people wearing Labubu clothing and even using its patterns for tattoos. With such high popularity, Pop Mart’s Labubu-related products in Thailand were once in short supply, and the hype even drew significant attention from the Tourism Authority of Thailand, which awarded Labubu the title of “Magical Thailand Experience Officer” and held a grand welcome ceremony, with the Minister of Tourism and Sports personally attending to support.

According to the mid-term financial report released by Pop Mart, its overseas revenue reached 1.35 billion yuan, a year-on-year increase of 259.6%. Among them, the Southeast Asian market contributed 560 million yuan in revenue, accounting for more than 40% of the total overseas revenue. Labubu’s strong performance in Southeast Asia has also greatly boosted investors’ confidence in its related MEME coin.

At the same time, another Thai local IP MOODENG (Little Hippo) has also gained global popularity, resulting in the emergence of a meme coin of the same name, with its market value being hyped up to several hundred million dollars, drawing market attention to Thai IP assets. Recently, MOODENG’s strong rebound has further boosted market attention towards Labubu, which may also become an important spillover effect for the $LABUBU market recovery.

Currently, Labubu’s global popularity continues to rise. According to Google Trends, in the past 30 days, Labubu’s search popularity worldwide far exceeds that of other MEME-related IPs such as MOODENG, PEPE, DOGE, and Chillguy. This indicates that Labubu’s brand influence and market attention are 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 “creating another Bubble Mart overseas” is being gradually fulfilled by Labubu’s astonishing breakout speed.

From American pop diva Rihanna being spotted at Los Angeles airport with a pink Labubu hanging from her bag, to seasoned Hermès enthusiast Bryanboy also attaching a Labubu doll to his rare platinum bag… Labubu has been jokingly referred to by netizens as “successfully entering the American market.” Behind this global cultural phenomenon, Labubu has quietly completed a cultural migration from the trendy toy circle to the mainstream global fashion scene.

Driven by the celebrity effect, Labubu has rapidly swept across the globe. At the end of last month, Pop Mart launched the third generation of Labubu’s vinyl plush products, the “High Energy Ahead” series, globally, sparking a new wave of buying frenzy and significant premium phenomena in multiple markets. In addition to the fervent support from domestic fans, in front of Pop Mart stores in Chicago, Los Angeles, London, Milan, New Zealand, and Harajuku, Tokyo, fans even queued overnight just to purchase their desired Labubu, becoming a remarkable spectacle of contemporary global trend culture.

Not only is it booming offline, but online sales are also unstoppable. The Pop Mart App has topped the US App Store shopping chart, soaring 114 places to fourth in the free chart, demonstrating its immense appeal in the North American market. On second-hand trading platforms, the premium on the ‘High Energy Ahead’ series Labubu is particularly astounding—blind boxes originally priced at only 99 yuan have seen regular versions increase by 10%-200%, while hidden versions have even surged by dozens of times, making them the gold and bitcoin of the trendy toy world, quickly becoming ‘wealth-making tools’ in the eyes of players.

On social platforms like TikTok and Instagram, Labubu is the key to traffic. Young people are keen on posting short videos such as “blind box unboxing,” “trendy outfit matching with Labubu,” and “doll display walls,” even creating dedicated content accounts to quickly gather millions of followers, with the topic’s popularity and attention continuously rising. This viral transmission path not only amplifies Labubu’s social influence but also forms the core leverage of Bubble Mart’s content and community operations.

What is more noteworthy is that, unlike in the past when trendy toys were mainly seen as collectibles or hobbies, Labubu has now risen to become the “universal currency” in the social scenes of young people worldwide. At the Bangkok Midnight Market and trend gatherings, players have exchanged hidden edition Labubu for luxury bags and concert tickets; in Harrods, London, a collector traded 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 the previous Shanghai Trend Expo, there was even a player who exchanged three iPhone 14 Pros for a hidden edition 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.

Today, Labubu has gradually become a global IP with full-chain commercial capabilities, also triggering the flywheel effect of the business logic of Pop Mart. In 2024, the THE MONSTERS series to which Labubu belongs contributed 3.04 billion in revenue to Pop Mart, a year-on-year increase of 726.6%, accounting for nearly one-quarter of the company’s total annual revenue. Among them, the PVC plush products became Labubu’s annual blockbuster, with sales revenue reaching 2.83 billion, and the sales proportion jumped from 3.2% to 21.7%, becoming the company’s second-largest category after the figurine products. Meanwhile, from the perspective of stock price performance, Pop Mart has set a historical high of 201.6 HKD, with a year-to-date return of nearly 121.4%.

In a sense, the global rise of Labubu is quite similar to the logic behind the rise of MEME coin. Both are essentially cultural phenomena driven by emotional value, rapidly breaking boundaries through social media virality, community self-propagation, and a strong sense of identity. Whether it’s young people queuing overnight to grab hidden Labubu items or investors flocking to buy a certain token due to a MEME image, what is reflected behind it is the contemporary young people’s desire for self-expression, community identity, and participation in discourse power. They are becoming a model of the new generation cultural economy.

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