The Rise and Fall of Labubu Craze and LABUBU Coin

Labubu is a plush toy of a spirit character designed by artist Long Jiasheng, attracting numerous fans with its unique appearance. This character features a round body, big eyes, pointed ears, and nine sharp teeth, presenting a look that is both cute and slightly fierce.

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Long Jiaseng was born in Hong Kong and grew up in the Netherlands. His "The Monsters" series is inspired by Nordic folklore and mythology. Labubu made its debut in 2015 and gained wider attention after collaborating with a toy company in 2019. In the first half of 2024, sales of the "The Monsters" series reached 6.3 billion RMB. In April 2025, the third generation of Labubu products sparked a buying frenzy in multiple countries.

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Labubu's success is closely linked to its sales model. The use of blind boxes increases the excitement and uncertainty of purchases, driving up prices in the secondary market. Experienced collectors state that the surprise element of blind boxes is a significant attraction.

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Labubu, as an excellent cultural and creative IP, has successfully crossed cultural barriers and is popular in both Asia and the West. The reasons for its popularity include: the cross-cultural global consumer goods attributes, the patient accumulation and innovative breakthroughs in creation and promotion, as well as China's complete industrial chain and mature industrial ecosystem.

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However, the cryptocurrency LABUBU related to Labubu cannot escape the fate of plummeting. Similar situations have occurred with other well-known IPs, such as Fat Penguin, Bored Ape, and CryptoPunks. Although these projects once flourished, they ultimately faced significant price declines.

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Taking the Fat Penguin as an example, its NFT and physical toys once generated considerable sales, but its cryptocurrency PENGU has seen a decline of 78% in six months. The prices of NFTs from Bored Apes and CryptoPunks have also significantly retreated from their peaks.

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These phenomena reflect the speculative nature of Meme coins and the NFT market. Even with tangible products backing them, such as the hot sales of Labubu toys, the associated digital assets still struggle to maintain high prices. When the market frenzy subsides, the false prosperity lacking actual value support will eventually collapse, which is the typical fate of speculative assets.

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