Bubble Mart’s Labubu Evolves into a Cross-Border Cultural Meme
Recently, the launch of the third generation plush series of Labubu by Bubble Mart has sparked a buying frenzy, driving up the price of the eponymous meme coin.
(Background Summary: Elon Musk rebranded X to “Kekius Maximus” and changed his profile picture! The meme coin $KEKIUS surged past $66 million, while $gork saw a cooldown.)
(Background Supplement: Investigating Trump’s financial flow! The Democratic Party has named WLF and the TRUMP meme coin, with Musk and Sun Yuchen also at risk of being implicated.)
A Nordic Forest Elf with Sharp Ears and a Mischievous Grin
Labubu is rapidly sweeping across the globe, becoming a fashionable item, social currency, and even an alternative financial tool in the eyes of Generation Z. Recently, the third generation of the rubber plush series of Labubu was launched, immediately triggering a buying frenzy. From sellouts on domestic e-commerce platforms to overnight queues at overseas flagship stores, from being the center of attention in trendy street photography to overwhelming social media feeds, Labubu is evolving into a cross-border cultural meme that is spreading rapidly.
This global trend not only accurately hits the deep-seated desire of young people for personal expression and emotional release but has also become an alternative asset attracting attention from capital markets. Not only are traditional collectors eager to get involved, but the crypto world is also catching the Labubu wave.
LABUBU’s Market Value Surges Back to Millions
Recently, the meme coin $LABUBU has gained intense market attention due to the release of its new product series. Well-known crypto KOL Ansem and other influencers have tweeted images featuring Labubu, which has resonated strongly with the community.
According to GMGN data, as of the time of publication, the market value of $LABUBU surged from hundreds of thousands to $18 million in just under a week, increasing by several dozen times, with a trading volume of $9.5 million in the past 24 hours. Holderscan data shows that since May 14, the number of addresses holding $LABUBU has significantly increased, indicating a growing user engagement and market enthusiasm.
In fact, this is not the first time $LABUBU has caused a sensation in the market. During the explosive period of the meme coin sector in November 2024, $LABUBU’s market value once exceeded $20 million, despite not being an officially released meme coin, it still became one of the main IP projects that were hotly discussed at that time. The Thai market is an important traffic engine for this round of market activity.
During that time, Labubu gained phenomenal attention in Thailand, with its image frequently appearing on the streets of Bangkok, becoming a representative symbol of trend culture. From celebrities, such as Blackpink member Lisa posting a photo with Labubu on Instagram, to Thai Princess Sirivannavari using Labubu as her daily handbag companion, and ordinary young people wearing Labubu clothing or even tattooing its designs. Due to high popularity, Labubu-related products from Bubble Mart became in short supply in Thailand, leading to heightened interest from the Tourism Authority of Thailand, which granted Labubu the title of “Amazing Thailand Experience Officer” and held a grand welcome ceremony, with the Minister of Tourism and Sports personally attending the event.
Record Overseas Revenue Growth
According to Bubble Mart’s mid-year financial report for 2024, its overseas revenue reached 1.35 billion yuan, a staggering year-on-year increase of 259.6%. Among this, the Southeast Asian market contributed 560 million yuan, accounting for over 40% of total overseas revenue. Labubu’s strong performance in Southeast Asia has greatly boosted investor confidence in its related meme coin.
Simultaneously, another local Thai IP, MOODENG (Little Hippo), has also gained global popularity, giving rise to a similarly named meme coin, which has been speculated to have a market value of several hundred million dollars, attracting market attention towards Thai IP assets. Recently, MOODENG has rebounded strongly, further boosting market interest in Labubu, which may also become an important spillover effect for the $LABUBU market.
Labubu’s Global Popularity Continues to Rise
Currently, Labubu’s global popularity continues to climb. According to Google Trends, over 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 rising, far surpassing other similar meme projects.
From trendy toys to social currency, the rise of cultural economics behind Generation Z is becoming a reality. The goal of “recreating a Bubble Mart overseas” is being gradually fulfilled by Labubu’s astonishing breakout speed.
From pop superstar Rihanna being spotted at Los Angeles airport with a pink Labubu hanging from her bag to fashion influencer Bryanboy attaching a Labubu doll to a rare platinum handbag… Labubu has been humorously dubbed “the successful infiltrator of the U.S.” Behind this global cultural export, Labubu has quietly completed a cultural migration from the trendy toy niche to the global mainstream fashion circle.
Labubu’s Sales Soar Worldwide
With the star effect driving it, Labubu is rapidly sweeping the globe. Just last month, Bubble Mart launched the third generation rubber plush product “High Energy Ahead” series globally, which once again triggered a new round of buying frenzy, and significant premium phenomena were observed in multiple markets. In addition to domestic fans eagerly pursuing it, fans in cities like Chicago, Los Angeles, London, Milan, New Zealand, and Tokyo’s Harajuku even queued overnight in front of Bubble Mart stores just to snag their desired Labubu, becoming a remarkable sight in contemporary global trend culture.
Not only is offline sales booming, but online sales are equally unstoppable. The Bubble Mart app topped the shopping chart on the U.S. App Store and surged 114 positions to fourth place on the free chart, showing its huge appeal in the North American market. On second-hand trading platforms, the premiums for the “High Energy Ahead” series Labubu are particularly astonishing — a blind box originally priced at just 99 yuan generally sees an increase of 10%-200% for ordinary versions, while hidden versions even soar to several dozen times their original price, making them the gold and bitcoin of the trendy toy industry, suddenly becoming a “financial tool” in the eyes of players.
On social platforms like TikTok and Instagram, Labubu is even more of a traffic magnet. Young people are enthusiastic about posting “blind box unboxing,” “fashion outfits with Labubu,” and “doll display walls” short videos, even creating dedicated content accounts to quickly gather millions of followers, with topic heat and attention continually rising. This viral communication pathway not only amplifies Labubu’s social influence but also constitutes the core leverage of Bubble Mart’s content and community operation.
More importantly, unlike previous trendy toys that were mainly regarded as collectibles or hobbies, Labubu has risen to become “universal currency” in global young people’s social scenes. At Bangkok’s midnight markets and trend gatherings, players have exchanged hidden version Labubu for luxury handbags and concert tickets; at Harrods in 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 a recent Shanghai trend exhibition, players even traded three iPhone 14 Pros for a hidden version Labubu… This phenomenon of “trendy toys as currency” not only signifies that Labubu is a form of social capital but has also become a medium symbolizing identity recognition and aesthetic resonance among young people.
Labubu as a Global IP with Comprehensive Business Abilities
Now, Labubu has gradually become a global IP with comprehensive business capabilities, leveraging the flywheel effect in Bubble Mart’s business logic. In 2024, the THE MONSTERS series to which Labubu belongs contributed 3.04 billion yuan in revenue to Bubble Mart, a year-on-year increase of 726.6%, accounting for nearly a quarter of the company’s total revenue for the year. Among these, rubber plush products have become Labubu’s annual star product, with sales revenue reaching 2.83 billion yuan, and the sales ratio soaring from 3.2% to 21.7%, becoming the company’s second-largest category after figurines. At the same time, from the stock price performance perspective, Bubble Mart has set a historical high of 201.6 HKD, with a year-to-date return of nearly 121.4%.
In a sense, Labubu’s global meteoric rise path bears a striking resemblance to the rise of meme coins. Both are essentially cultural phenomena driven by emotional value, rapidly breaking boundaries through social media virality, community self-propagation, and strong identity recognition. Whether it is young people queuing overnight for hidden version Labubus or investors rushing to buy a token based on a meme image, what underlies it all is the contemporary youth’s desire for self-expression, community identity, and participatory discourse. They are becoming the templates of the new generation of cultural economics.
