LABUBU Cross-Border Encryption, The Soaring Meme Behind the Same Name: IP Effect + Community Consensus

Original Article Title: "Labubu Successfully 'Invades' the U.S., Same-Named MEME Coin LABUBU Explodes Again"

Original Article Author: Nancy, PANews

A pointed-eared, mischievous Nordic forest sprite named Labubu is sweeping the globe at an astonishing speed, becoming a fashion statement, social currency, and even an alternative financial tool in the eyes of Generation Z. Recently, Labubu's third-generation vinyl plush series made a strong debut, triggering a buying frenzy immediately upon release. From selling out in seconds on domestic e-commerce platforms to overnight queues at overseas flagship stores, from prominently featuring in trendy street snaps to flooding social media feeds, Labubu is transforming into a cross-border cultural meme, rapidly spreading.

Behind this global trend that is sweeping everything in its path, Labubu not only precisely hits the deep-seated desire of young people for individuality and emotional expression but also becomes an alternative asset drawing attention in the capital markets. It is not only highly sought after in traditional collecting circles but also has sparked a Labubu craze in the crypto world.

A Week of Soaring Values, LABUBU Enthralls Thailand with a Return to a Multimillion-Dollar Market Cap

Recently, the MEME coin $LABUBU surged in popularity again due to the release of a new series of products, once again becoming the focus of the market. Well-known crypto Key Opinion Leaders (KOLs) such as Ansem posted tweets featuring the Labubu image, triggering a strong community resonance.

According to GMGN data, as of the time of writing, the market cap of $LABUBU has skyrocketed from hundreds of thousands of dollars to $18 million in a week, soaring tens of times, with a trading volume of $9.5 million in the past 24 hours alone. Holderscan data shows that the number of $LABUBU holding addresses has significantly increased since May 14, indicating ongoing user engagement and market enthusiasm. In fact, this is not the first time $LABUBU has caused a frenzy in the market. Back in November 2024 during the MEME coin boom, the market cap of $LABUBU had surpassed $20 million. Although it is not an officially released MEME coin, it was still one of the main IP projects hyped at the time. The Thai market served as a vital traffic driver during this market cycle.

At that time, Labubu had garnered significant attention in Thailand, with its image frequently appearing on the streets of Bangkok, becoming a representative symbol of the trend culture. From A-list celebrities to ordinary young people, such as Blackpink member Lisa posting a photo with Labubu on Instagram, Thai Princess Sirivannavari using Labubu as her daily handbag companion, and young people wearing Labubu apparel or even getting tattoos of its patterns. With such high popularity, Labubu-related products in Thailand's toy stores were once in short supply, and the hype even caught the attention of the Thailand Tourism Authority, who bestowed the title of "Magical Thailand Experience Ambassador" upon Labubu and held a grand welcome ceremony where the Minister of Tourism and Sports personally attended to show support.

According to the mid-year financial report released by Pop Mart, its overseas revenue reached 1.35 billion yuan, a year-on-year increase of up to 259.6%. Among them, the Southeast Asia market contributed revenue of 560 million yuan, accounting for over 40% of the total overseas revenue. The strong performance of Labubu in Southeast Asia has greatly boosted investors' confidence in its related MEME coin. At the same time, another Thailand local IP, MOODENG (Hippo), has also gained popularity worldwide, giving rise to a MEME coin of the same name, with a market value hyped to hundreds of millions of dollars, driving market attention to Thai IP assets. Recently, MOODENG's strong rebound has further boosted market focus on Labubu, potentially becoming a significant spillover effect on the $LABUBU market sentiment.

Currently, Labubu's global popularity continues to soar. According to Google Trends, in the past 30 days, Labubu's search popularity worldwide far exceeds that of MOODENG, PEPE, DOGE, and Chillguy, among other MEME-related IPs. This indicates that Labubu's brand influence and market attention are rapidly rising globally, far surpassing other similar MEME projects.

From Trendy Toys to Social Currency: The Cultural and Economic Rise Behind Generation Z

The goal of "recreating a Pop Mart overseas" is gradually being realized through Labubu's astonishing speed of becoming a hit. From American pop queen Rihanna being spotted at Los Angeles airport with a pink Labubu hanging on her bag to Hermes senior player Bryanboy also attaching a Labubu doll to a rare platinum bag... Labubu has been jokingly referred to by netizens as "breaking into America successfully." Behind this globally popular cultural export, Labubu quietly completed a cultural migration from the trendy toy circle to the global mainstream fashion circle.

Driven by the celebrity effect, Labubu quickly swept the globe. Just last month, Pop Mart released the Labubu third-generation PVC plush product "High Energy Ahead" series globally, once again triggering a new round of buying frenzy and causing significant premiums in multiple markets. In addition to the enthusiastic pursuit of domestic fans, fans lined up all night in front of Pop Mart stores in Chicago, Los Angeles, London, Milan, New Zealand, and Harajuku, Tokyo, just to buy their favorite Labubu, becoming a unique spectacle in contemporary global pop culture.

Not only is there a frenzy offline, but online sales are also unstoppable. The Pop Mart App swiftly topped the US App Store shopping chart and soared 114 spots to fourth place on the free chart, demonstrating its significant appeal in the North American market. On second-hand trading platforms, the premium for the "High Energy Ahead" series Labubu is particularly remarkable—the blind box, originally priced at only 99 yuan, has generally seen price increases ranging from 10% to 200% for the regular version, while the hidden version has seen premiums of up to tens of times, making it the gold and Bitcoin of trendy toys and a "financial management tool" in the eyes of players.

On social platforms like TikTok and Instagram, Labubu has become a traffic code. Young people are enthusiastic about posting short videos such as "blind box unboxing," "trendy outfits paired with Labubu," and "doll display walls." Some have even created dedicated content accounts to quickly gather millions of followers, leading to a continuous rise in both topic relevance and attention. This viral propagation path not only amplifies Labubu's social influence but also forms a core lever for Pop Mart's content and community operations.

Of particular note is that unlike traditional collectibles or hobbies, Labubu has ascended to the status of a "universal currency" in the global youth social scene. At Bangkok's midnight flea markets and trendy gatherings, players have exchanged hidden edition Labubu for luxury handbags and concert tickets. At London's Harrods, a collector traded a second-hand Hermès Kelly bag for a rare Labubu character. During the Coachella music festival in Los Angeles, fans swapped limited edition Labubu for festival tickets. At a previous fashion event in Shanghai, a player even exchanged three iPhone 14 Pros for a hidden edition Labubu... This "toy-to-currency" phenomenon not only signifies Labubu as a form of social capital but also serves as a medium symbolizing identity recognition and aesthetic resonance among young people.

Today, Labubu has gradually evolved into a globally integrated IP with end-to-end commercial capabilities, catalyzing a flywheel effect in Pop Mart's business logic. In 2024, the THE MONSTERS series to which Labubu belongs contributed 30.4 billion in revenue to Pop Mart, a year-on-year growth of 726.6%, accounting for nearly a quarter of the company's annual revenue. The thermoplastic plush product became Labubu's annual explosive product, generating sales revenue of 2.83 billion yuan, with sales accounting for 21.7% from a mere 3.2%, becoming the second-largest category after figurine products. Furthermore, in terms of stock performance, Pop Mart hit a historical high of 201.6 Hong Kong dollars, with a year-to-date return of nearly 121.4%.

In a sense, Labubu's global rise to fame bears a resemblance to the emergence of meme coins. Both are essentially cultural phenomena driven by emotional value, rapidly breaking through barriers through social media virality, self-propagation within communities, and a strong sense of identity. Whether it's young people staying up all night to snag a hidden edition Labubu or investors flocking to buy a token based on a meme image, what underpins it all is the contemporary youth's desire for self-expression, community identity, and participation in discourse—an exemplar of the new generation's cultural economy.

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