The LABUBU token, as a memecoin based on the Solana blockchain, has experienced two significant surges since its launch in October 2024, attracting the attention of many investors due to its popularity. To this day, LABUBU is still hitting new highs. This article will review its launch, reasons for the surge, and how to seize similar opportunities, summarizing the experience of investing in meme tokens.

「Two-Stage Big Golden Dog」

In October 2024, the LABUBU token was launched on Solana, with its IP Labubu toy introduced by POP MART, featuring a unique design with a furry round body, big eyes, pointy ears, and nine sharp teeth, showcasing a mischievous, curious, and kind personality.

After the release of the Labubu token, it quickly became popular. On July 1, 2024, the Tourism Authority of Thailand (TAT) co-hosted the "Labubu Welcome Ceremony" with POP MART. The Labubu mascot received a grand welcome at Suvarnabhumi Airport in Bangkok and was awarded the honorary title of "Thailand Experience Explorer." A Thai princess carried a Labubu with an Hermès bag, and BLACKPINK girl group member LISA frequently posted photos with Labubu on social media, further boosting Labubu's popularity.

On May 19, 2025, the Labubu token was officially listed on the BingX exchange, with a deposit time of 10:00 UTC, trading time at 10:30 UTC, and withdrawal time on May 21 at 10:00 UTC. In addition, BingX also launched an airdrop event related to Labubu, where liking and reposting could win a share of a $500 USDT reward, further increasing community engagement. On that day, LABUBU's market capitalization exceeded $16 million, with a 147% 24-hour increase and a $8.8 million 24-hour trading volume.

Once again in the public eye, Labubu surged rapidly, breaking through a market cap of $20 million on the evening of May 22, surpassing $30 million on the morning of the 26th, exceeding $35 million in the evening, surpassing $45 million on the morning of the 27th, with a peak market cap approaching $50 million, continuously setting new highs. Compared to the previous high of $20 million reached at launch, this second surge of LABUBU is evidently more explosive than its initial rise to fame.

According to the 2024 Annual Report released by Pop Mart, the annual revenue of Labubu's "THE MONSTERS" elf group IP in 2024 was 30.4 billion RMB, accounting for 23.3% of the total revenue. Out of the total revenue of 13.038 billion RMB, overseas revenue reached 50.66 billion RMB, a staggering 375.2% year-on-year growth. In particular, the Southeast Asia market contributed revenue of 24.03 billion RMB, accounting for 47.4% of the total overseas revenue.

Pop Mart's stock price has soared along with the popularity of its IP. In October 2024, when Labubu was first launched, Pop Mart's stock price was around 55 HKD. Now, after 8 months, the stock price has surged to 233.2 HKD, a 323.6% increase. The skyrocketing stock price of Pop Mart, the enthusiastic response to "THE MONSTERS" IP, and Labubu's rise to fame in Southeast Asia have greatly boosted investors' confidence in its related MEME coins.

"Head of the Train" DNF, and the Big Winners of LABUBU

According to GMGN's front-line data, the highest-earning whale has an unrealized profit of $579,200 and a realized profit of $348,300 on LABUBU. Interestingly, this whale was actively involved in LABUBU from its launch and continued to accumulate during its first round, almost bottoming out, and started accumulating at the bottom about a month before the news about LABUBU was released, around April 25. As of now, this whale has not yet liquidated its position, and the holding period has lasted for 235 days.

Among the top whales, the famous "Head of the Train" Gake, more commonly known by her other name "DNF," has also received a lot of attention. DNF's operations are similar to the top address, and in October of last year when LABUBU was just released, DNF traded this token. At that time, LABUBU's market cap was fluctuating around a few million dollars, and DNF bought in around a $2 million market cap and sold around a $6 million market cap. Since then, apart from selling around 280,000 tokens when LABUBU's market cap rose to around $20 million in mid-November, DNF has held onto approximately 26 million tokens without liquidating, even as the market cap plummeted to tens of thousands of dollars, persisting as a "diamond hand." Then, 180 days later on May 14, DNF's wallet added around 38 million tokens, and from then on, LABUBU also began its frenzy of price surges.

Subsequently, LABUBU saw a continuous rise while DNF was selling off. By the 24th, the wallet had liquidated all holdings, with a total profit of $76,600 on LABUBU.

Additionally, when LABUBU first launched last year, an address starting with DBzhEX spent $72,200 to acquire 30.94 million LABUBU tokens, now worth $1.33 million (based on a $43 million market cap). This whale is a true diamond-handed investor who previously spent $527,000 to purchase 19.14 million LUCE tokens, reaching a peak value of $5.74 million. However, the value has since dropped to just $164,000, turning a $520,000 unrealized profit into a $363,000 loss.

In addition to investors who joined in the initial purchase last year, there are whales who earned significant profits with just the second-round entry. Ranking third in profits, an address listed under "Wang Xiao'er" achieved this. This address made two purchases totaling 64 million tokens on the morning of May 19 and has since sold in batches, realizing a profit of $127,000, with a staggering 911% return on investment.

Reflecting on the success of the Labubu token, one key reason is its IP foundation and the viral effect of community propagation. Labubu is a popular toy IP under POP MART, officially recognized by the Tourism Authority of Thailand. It has garnered celebrity endorsements and promotions multiple times, further enhancing Labubu's global presence, leading to worldwide fervor. The unconventional methods of official promotion and airdrop opportunities required participants to post cute LABUBU photos with original tweets, asking friends to like and retweet the post, accelerating Labubu's breakout promotion.

The success of a meme is often closely tied to popular culture, such as trendy toys, celebrities, movies, or social media trends. Investors should closely monitor cultural phenomena and choose IPs with the potential to break into mainstream culture, especially those validated by the popularity of tangible products. However, the meme coin market is highly speculative, with volatile price fluctuations, so investors must be cautious. As of May 27, 2025, the conclusion of the airdrop event may further impact prices, so investors are advised to observe price trends and proceed with caution.

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