Labubu is sweeping the globe, but the related Crypto Assets can't escape the fate of a big dump.

The Labubu doll series under Pop Mart has sparked a global craze. In 2024, Pop Mart's stock price soared 10 times, with an increase of over 200% so far this year, and its market value has exceeded 350 billion HKD. As a result, the company's founder has become the new richest person in Henan. By the end of last year, the company had 401 stores in mainland China, 130 stores in Hong Kong, Macau, Taiwan, and overseas, with operations in more than 30 countries and regions, and overseas revenue accounting for over 38%.

However, the crypto asset LABUBU, which shares the same name as Labubu, has failed to maintain its popularity in the long term. Currently, its market value has fallen below 28 million dollars, with a 24-hour fall of 20.4%. So, what exactly is Labubu? Why has it become so popular? And why is the LABUBU crypto asset unable to escape its decline?

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The Origin and Development of Labubu

Labubu is a uniquely shaped elf doll with a round body, big eyes, pointed ears, and nine sharp teeth, presenting a playful yet slightly fierce image. This character is designed by artist Long Jia Sheng, who was born in Hong Kong and raised in the Netherlands, inspired by Nordic folklore and mythology.

Labubu first appeared in 2015 and gained wider attention after collaborating with Pop Mart in 2019. In the first half of 2024, the "The Monsters" series (including Labubu) generated a sales figure of 6.3 billion RMB. In April 2025, the third generation of Labubu rubber plush products sparked a buying frenzy in multiple countries. In May of the same year, LABUBU crypto assets were launched but quickly fell into a slump. In June, an auction of Labubu artworks reached a total transaction amount of 3.73 million RMB, with one humanoid Labubu sold for 1.08 million RMB.

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Reasons for the Labubu Craze

1. Blind box sales model: Increases purchasing excitement and uncertainty, driving up the secondary market prices of popular styles.

2. Excellent Cultural Creative IP: Crossing cultural barriers, favored by Asian and Western stars.

3. Cross-cultural global consumer goods: product innovation and promotion combined, supported by China's complete industrial chain.

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Crypto Assets Can't Escape the Big Dump Curse

Despite the popularity of Labubu's physical toys, the related crypto asset LABUBU still cannot escape the common fate of Meme coins. A similar case is Pudgy Penguins, which, although it has NFT, crypto assets, and physical toys, saw its crypto asset PENGU fall by 78% within six months.

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Famous NFT projects like Bored Ape Yacht Club (BAYC) and CryptoPunks have also experienced similar big dumps in price. BAYC fell from a peak of 153.7 ETH to 11.55 ETH, while CryptoPunks dropped from a high of 125 ETH to 41 ETH.

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These cases indicate that even with physical products backing them, or limited to the domain of digital assets, many crypto projects struggle to escape the fate of significant price falls after a brief boom. The rapid rise and fall of LABUBU Crypto Assets reflects its highly speculative nature and lack of practical application value.

Overall, although Labubu physical toys are still popular, when market enthusiasm fades, Crypto Assets lacking actual value support often struggle to maintain their prices. This phenomenon highlights the essential characteristic of many Meme coins "born from speculation and perished due to the collapse of value bubbles."

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