Labubu is popular worldwide, but its namesake Token cannot escape the fate of a big dump.

Labubu, as a popular sprite character toy, has generated a craze worldwide with its unique appearance and design. This toy features a round, fluffy body, wide-open big eyes, pointy ears, and a mischievous smile with nine sharp teeth, winning the love of many consumers.

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The creator of Labubu is artist Long Jiaseng, who was born in Hong Kong and grew up in the Netherlands. His inspiration comes from the Nordic folklore and myths he loved during his childhood, and he initially created this series of character designs using a pen. Labubu made its debut in 2015 and gained wider attention after collaborating with a company in 2019.

According to reports, in the first half of 2024, the "The Monsters" series owned by Labubu generated sales of 6.3 billion RMB. In April 2025, the third generation of Labubu's rubber plush products triggered a buying frenzy in several countries. On May 29 of the same year, a token named after Labubu was launched, which sparked a wave of speculation in the short term, but ultimately could not escape the fate of a price fall.

Labubu's success is closely tied to its use of the blind box sales model. This model increases the excitement and uncertainty of purchases, attracting consumers to buy repeatedly to obtain rare styles. An experienced collector stated that the surprise element of the blind boxes is a major attraction, with an average of finding a special edition for every 10 boxes purchased, which is quite a high probability.

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As an outstanding cultural IP, Labubu has successfully crossed cultural barriers, being embraced by Asian culture and favored by Western pop music and sports stars. Its success can be attributed to the positioning of cross-cultural global consumer products, the patience in creation and promotion, as well as the innovative breakthroughs, along with China's complete industrial chain and mature industrial ecosystem.

However, the tokens related to Labubu's physical toys have not escaped the fate of a big dump. This phenomenon is not an isolated case in the cryptocurrency market. Similar cases include Pudgy Penguins, BAYC, and CryptoPunks. These projects initially caused a huge sensation, but over time, their value has significantly declined.

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For example, the Fat Penguin NFT has fallen from a high of 34.8ETH in December 2024 to the current 8.9ETH, with its token PENGU also experiencing a 78% drop in just six months. The Bored Ape has declined from a peak price of 153.7ETH in May 2022 to the current 11.55ETH, while CryptoPunks has dropped from over 125ETH in 2021 to the current 41ETH.

These cases indicate that even projects supported by physical products find it difficult to maintain long-term high value for their related digital assets. For tokens that rely solely on hype, the risk of a value bubble burst is even greater. This reflects the highly speculative nature of the cryptocurrency market, and the tokens lacking practical applications and value support ultimately struggle to escape the fate of price collapse.

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