Labubu: The Legend of Rising from Toy Fame to the Decline of Encryption Coins

Labubu, this round and fluffy spirit character toy, has sparked a global collecting craze with its unique appearance and blind box sales model. However, the cryptocurrency of the same name has failed to carry on this glory and ultimately could not escape the ruthless judgment of the market.

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The Origin and Development of Labubu

Labubu is inspired by the artistic creation of Long Jiasheng, an artist born in Hong Kong and raised in the Netherlands. Influenced by Nordic folklore and mythology, Long Jiasheng designed this cute sprite with nine sharp teeth. After its debut in 2015, Labubu quickly became popular in 2019 through collaboration with a well-known toy company.

According to data, in the first half of 2024, the "The Monsters" series belonging to Labubu generated an astonishing sales figure of 6.3 billion RMB. In April 2025, the third generation of Labubu products sparked a buying frenzy in multiple countries, even leading to high-priced reselling phenomena. In June of the same year, a Labubu artwork was sold at an auction for 1.08 million RMB, highlighting its collectible value.

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The Secret of Labubu's Popularity

The success of Labubu can be attributed to multiple factors:

1. Blind Box Marketing Strategy: Increases the excitement and uncertainty of purchases, attracting consumers to buy repeatedly to obtain rare styles.

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

3. Industry Chain Advantage: China's complete industrial chain and mature ecosystem provide assurance for its large-scale production and sales.

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Cryptocurrency Market Volatility

Despite the great success of the physical toys, the eponymous cryptocurrency LABUBU has not been spared from the severe fluctuations in the market. This phenomenon is not an isolated case in the field of encryption.

Taking Pudgy Penguins as an example, despite its NFTs and physical toys achieving commercial success, its cryptocurrency PENGU has plummeted by 78% within just six months. Similarly, well-known NFT projects like BAYC and CryptoPunks have also experienced a process from peak to trough.

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Lessons from the Cryptocurrency Market

The rise and fall of LABUBU and other cryptocurrencies reveals the nature of the Meme coin market:

1. Highly speculative: Price fluctuations are severe and significantly influenced by market sentiment.

2. Lack of Practical Applications: Most Meme coins lack real technical support and actual use cases.

3. Bubble risk: When market enthusiasm fades, the prices of tokens lacking intrinsic value support are often difficult to sustain.

Although the physical toy Labubu still retains its market appeal, the fate of its eponymous encryption currency confirms the ruthless law of the cryptocurrency market: prosperity without actual value support will eventually fade, and speculation is ultimately difficult to last.

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