Research Report | In-Depth Analysis of the Labubu Project & $LABUBU Market Valuation

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远山洞见2025/06/05 03:46

By:远山洞见

1. Project Overview

$LABUBU is a meme coin built on the Solana blockchain, inspired by the globally popular designer toy IP “Labubu”—a mischievous forest elf character created by Hong Kong artist Kasing Lung and commercialized by POP MART. With its sharp ears, fanged smile, and quirky expression, Labubu has garnered a massive following among younger audiences worldwide. It’s not only a hot collectible in the designer toy scene but has also evolved into a social currency and alternative asset, transcending traditional toy classifications.

Research Report | In-Depth Analysis of the Labubu Project & $LABUBU Market Valuation image 0

On-chain, $LABUBU was spontaneously launched by the community. Despite lacking official licensing, the token quickly gained traction thanks to Labubu’s strong cultural influence and viral appeal on social media. Since its debut in October 2024, $LABUBU has surged significantly—spiking during both the initial meme coin rally and the launch of Labubu’s third-generation figure in May 2025, with the latest 7-day rally exceeding a 20x gain. Its meteoric rise has been fueled by an active community, celebrity endorsements (e.g., Lisa, Rihanna, Thailand’s princess), and a viral offline effect driven by POP MART’s global retail distribution.

Importantly, $LABUBU is more than a speculative hype token. It represents a cultural IP × Web3 asset experiment. In regions like Thailand, Singapore, and Japan, Labubu is already seen as a fashion and identity symbol among the youth. There have even been real-world transactions involving Labubu toys being traded for Hermes bags in Bangkok’s night markets. According to POP MART, the “THE MONSTERS” series (which includes Labubu) generated over 3 billion RMB in 2024, accounting for nearly 25% of the company’s revenue. Driven by Labubu’s popularity, POP MART’s stock price rose over 300%—proving the real-world financial value of physical IPs. This provides $LABUBU with a solid “cultural anchor” as an on-chain asset.

Today, $LABUBU isn’t just a meme—it’s a decentralized social experiment exploring how toys become currency and IP becomes tokenized assets.

2. Key Highlights

1. Iconic IP with Global Appeal: Labubu as a Cultural Totem

Unlike most meme coins based on fictional internet characters, $LABUBU originates from a real-world cultural icon. The character has a large global fanbase and media reach, having been featured by global celebrities like Rihanna, Lisa, and Bryanboy. Even the Thai princess has included Labubu in her outfits. On platforms like TikTok and Instagram, Labubu has become a Gen Z expression tool and visual social currency—naturally fitting the profile of a viral meme.

2. Backed by Physical Economy: A Rare Anchor in the Meme Space

Labubu’s parent company, POP MART, is a publicly listed firm on the Hong Kong Stock Exchange. In 2024, its “THE MONSTERS” series earned over 3.04 billion RMB, or 23.3% of total revenue, driving a 320% surge in POP MART’s share price. Limited-edition Labubu figures sell out instantly and trade at significant premiums in secondary markets. This commercial success provides $LABUBU with tangible asset backing—making it a rare “physically anchored meme coin.”

3. Dual Market Flywheel: Offline Hype + On-Chain Momentum

$LABUBU’s price action has closely followed Labubu’s physical product hype. The token reached a $20M+ market cap shortly after launch in October 2024. In May 2025, triggered by new product releases and renewed community campaigns, its market cap surged from a few million to nearly $50M within a week. Prominent whales like DNF and Gake accumulated heavily at lower levels and held strong through the rally. Coordinated exchange listings and airdrop tasks triggered massive on-chain FOMO, resulting in a rare “second-wave explosion” for a meme coin.

4. Southeast Asia as a Cultural Powerhouse

Thailand was the first region where $LABUBU went viral. Labubu was welcomed by the Thai Tourism Authority and awarded the title of “Amazing Thailand Experience Officer.” POP MART frequently sells out in the region, and celebrities like Lisa and the Thai princess continue to stoke demand. Real-life transactions (e.g., Labubu for Hermes or Coachella tickets) are common. This organic cultural fermentation has given $LABUBU strong natural virality and genuine user traction, making it one of the few meme coins with non-crypto-native adoption.

5. Beyond Jokes: Redefining Emotional Assets

Unlike short-lived meme tokens built on quick hype, $LABUBU is powered by emotional resonance, cultural recognition, and viral spread. Users aren’t just buying tokens—they’re buying identity, recognition, and belonging. In a market flooded with recycled meme cycles and manipulative liquidity traps, $LABUBU stands out as a blueprint: it combines IP logic, real-world backing, and sustained heat—emerging as the most noteworthy meme project on Solana today.

3. Market Valuation

As a meme coin derived from a globally recognized designer toy IP, $LABUBU has strong brand awareness and natural viral dynamics. It doesn’t rely on traditional tokenomics or investment logic. Instead, it has achieved two multi-million-dollar rallies purely through IP heat, social buzz, and community consensus—embodying a new meme paradigm where “culture equals value.”

Current price: ~$0.0255
Circulating supply: 999 million
Circulating market cap: ~$25.5M

Compared to similar culturally-driven meme tokens like $PNUT (squirrel-themed), $MOODENG (hippo-themed on Solana), and early-stage $FLOKI, $LABUBU matches or exceeds them in IP recognition and community resonance—suggesting room for further upside.

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4. Tokenomics

Total Supply: 1 billion
Circulating Supply: 100%
Minting: Permanently disabled
Burn Mechanism: 100% burn enabled
Security: High (mint rights renounced, capped supply)
Market Cap: ~$25.34M
Liquidity Pool (Raydium): ~$1.7M (5,573 SOL)
24h Trading Volume: ~$14.7M
Holders: 15,922
Top 100 Holders Share: 60.49% (moderately high concentration)

Top 100 addresses have an average entry price of ~$0.01629 (currently ~56% profit). Some early addresses have begun taking partial profits, but many large holders remain locked or inactive—indicating no major dumping yet. High trading activity combined with community momentum suggests potential for continued growth.

5. Team & Funding

Team: $LABUBU is a community-driven meme project with no publicly disclosed core team. Development and operations are fully community-led, giving it strong decentralized attributes.

On-chain analysis shows early support from several active whales with diamond-hand strategies. However, there’s no known involvement from VCs or incubators.

Funding: There’s been no public fundraising, private sales, or institutional backing. All circulation comes from organic community market activity. It launched with a free-market pricing mechanism—no presales, no reserves. This lack of institutional safety net means the project’s sustainability relies on continued community momentum, KOL amplification, and persistent narrative strength.

6. Risk Factors

IP Authorization: While $LABUBU is based on the popular Labubu figure, it has not been officially licensed by POP MART. Any future IP enforcement could impact branding, marketing efforts, and potential CEX listings. Continuous monitoring of POP MART’s stance is recommended.
Whale Concentration: Top 100 addresses hold 60.49% of the total supply. Though many are believed to be early diamond-handed holders, any major selling pressure or capital rotation could lead to short-term market volatility.

7. Official Links

Twitter: https://x.com/labubufans
Website: https://www.labubu.fans/
Telegram: https://t.me/labubucto_portal

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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