In recent years, the doll toy economy has grown rapidly. In addition to the claw machine stores that have sprung up everywhere, young people always have popular dolls hanging on their bags. One of the more popular ones is Labubu, a Nordic forest elf with pointed ears, fangs and a sly smile. Its rise has caused the share price of its sales company, Pop Mart, to double this year, with an increase of 132% since the beginning of the year.

Four reasons that drove Labubu to fame?

Unique image: "Contrasting cuteness" between cute and grotesque. Labubu has pointed ears, fangs, and a sly smile, breaking the traditional "cute" aesthetics and mixing childishness with grotesqueness. This "sense of contrast" fits perfectly with the contemporary young people's pursuit of individuality and alternative aesthetics. It can be a healing companion, but it can also represent rebellion, humor, and self-expression.

Labubu, the social currency of Generation Z, is not only a trendy toy, but also a "social label". On social platforms dominated by short videos and images, showing off Labubu has become a symbol of fashion, and owning it symbolizes taste, personality, and belonging to a circle. Each of its series may become a new round of "social hotspot".

The hunger marketing strategy of supply exceeding demand: the brand Pop Mart accurately uses limited release and blind box mechanisms to create "scarcity" in its products, and coupled with exquisite packaging and story settings, every time a new product is launched, it becomes a buying war. This psychological expectation of "not being able to buy it" has further amplified the popularity of the product.

Celebrity and KOL driving effect: From BLACKPINK member Lisa to fashion bloggers and internet celebrities from various countries who promote Labubu in public, its exposure continues to increase, and it quickly crosses over from the trendy play circle to the fashion circle and entertainment circle, helping it become a global cultural symbol.

Recently, Labubu’s third-generation vinyl series was launched, triggering a buying frenzy. Whether it is sold out in seconds on domestic e-commerce platforms or queues all night long at overseas stores, Labubu is evolving from a trendy street snap product to a cross-cultural "emotional symbol" that is rapidly spreading on social networks.

Thailand market leads $LABUBU MEME coin surge

The popularity of Labubu in Thailand is the highest in the world. This is of course due to the fact that BLACKPINK member Lisa is Thai, which makes local Labubu products sold out as soon as they are put on the shelves.

At the same time, the popularity of Labubu has also spread to the cryptocurrency circle. With Thailand as the main driving force, the MEME coin $LABUBU has become popular again with the recent launch of new products. Its market value has skyrocketed dozens of times in a short period of time, becoming the focus of the community. Well-known crypto KOL Ansem and others posted content depicting Labubu on social media platforms, sparking strong resonance.

The price rose and fell more than 10 times at the beginning of the year

According to GMGN data, as of now, $LABUBU opened at $0.00087848 this year and was reported at $0.0103 before the deadline, with a market value of approximately $10 million, which is an exaggerated increase of 1,072.48%.

In fact, this is not the first time $LABUBU has attracted attention. As early as the MEME coin craze in November 2024, the market value of the token exceeded US$20 million, reaching US$0.02024. Although it was not officially launched, it still became one of the popular IP representatives at the time. What many people don’t know is that the original author of Labubu is actually a Hong Konger who immigrated to Belgium – Long Jiasheng, and Labubu is a supporting character in his work “The Monsters” rather than the protagonist.