Labubu dolls, the spiky-toothed monsters that have become one this year’s hottest viral sensations, came – as with many viral trends – out of nowhere. At least, that’s how it seemed for many consumers, who began to spot them on TikTok and Instagram or were embraced by their favourite celebs (Dua Lipa, Rihanna).
These quirky critters, sold in blind boxes by Chinese toymaker Pop Mart, have spawned a global collectible craze, with fans unboxing hundreds of variants on socials and a memecoin inevitably following. While Pop Mart is going strong, the cynical ‘Labubu coin’ has crashed and burned, making this story yet another cautionary tale for would-be Web3 investors.
From Blind Boxes to Global Obsession
Created by Hong Kong artist Kasing Lung based on a children’s book series, Labubu dolls thrive on the thrill of blind-box purchases; because buyers don’t know which version they’ll get until they open the box, many simply purchase more until they get the one they want (and there’s always another ‘one’).
The monster series has sent fans into a frenzy, with Pop Mart laboring to keep its stores and vending machines stocked. Indeed, the Beijing company’s financials reflect the mania, with Pop Mart recently announcing a 200% year-on-year revenue surge and a 350% profit jump for the first half of 2025 – surpassing its full-year 2024 figures.
With a market cap of $43.28 billion, the toymaker has left the likes of Mattel ($6.44 billion) and Hasbro ($10.63 billion) in the dust.
The Memecoin Mirage
Labubu’s digital footprint took a wild turn with Labubu Coin, an unofficial token launched on Solana’s memecoin launchpad Pump.fun last year. Back in May, the memecoin skyrocketed by almost 6,000% in just two weeks as FOMO-driven investors piled in. Like many memecoins piggybacking on viral trends, the stratospheric rise was inevitably followed by a spectacular collapse, leaving many with heavy losses.
Volatility is of course par for the course in memecoin land, where speculative bubbles often pop as quickly as they inflate. It was easy to see Labubu Coin’s demise coming, but with the prospect of profit tantalizing, investors bet big anyway. Alas, chasing viral tokens without fundamentals is always risky business.
That said, it’s worth remembering that the coin was unofficial: Pop Mart’s underlying business is clearly robust, meaning investors craving a piece of the Labubu action could still get what they want.
Tokenized Pop Mart Stock Goes Live
The world’s longest-running crypto exchange BTCC recently rolled out support for tokenized futures of Pop Mart (POPMART) and WTI Crude Oil (USOIL), with the contracts joining the likes of Tesla, Apple and 370 others on the platform. These markets have already surpassed $1 million in trading volume, reflecting strong demand for real-world asset (RWA) exposure.
Unlike the fleeting Labubu Coin, tokenized Pop Mart stock lets investors speculate on the growth of the company behind the dolls, not an unofficial memecoin with no legitimate links to the craze. With Pop Mart’s revenue tripling and profits soaring, it appears to be a much safer bet than some fly-by-night memecoin.
Of course, for some crypto speculators, “the action is the juice.” They live on the edge, living or dying by the split-second timing of their investments on highly volatile assets. For those of a stabler persuasion, though, the arrival of POPMART is cause for celebration.
The Future of Labubu’s Empire
No-one knows what the future holds for Labubu, though speculation about an animated movie – which could further amplify its IP empire – has been rife.
Whatever happens, it is gratifying to know that there are safer ways to bet on the trend’s success (and that of the company itself) than loading one’s memecoin bags. After all, the results can be…monstrous.
