The rise and fall of Labubu toy craze and its namesake Meme coin
In 2024, the stock price of Labubu toy manufacturer soared tenfold, with an annual increase of over 200%, and its market capitalization exceeded HKD 350 billion. By the end of last year, the company had 401 stores in mainland China and 130 stores in Hong Kong, Macau, Taiwan, and overseas, with operations in more than 30 countries and regions, and overseas revenue accounting for more than 38%. However, the related Meme coin LABUBU has failed to maintain this momentum, with its current market capitalization dropping to USD 27.89 million and a 24-hour decline of 20.4%.
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The origin and development of Labubu
Labubu is a uniquely shaped sprite toy characterized by its round, fluffy body, big eyes, pointed ears, and a mischievous smile made up of nine sharp teeth. This character was designed by the artist Long Jia Sheng, who was born in Hong Kong and raised in the Netherlands.