Labubu is sweeping the globe, but the related Crypto Assets cannot escape the fate of a big dump.
The Labubu doll series under Pop Mart has created a global sensation. In 2024, Pop Mart's stock price skyrocketed by 10 times, with an increase of over 200% so far this year, and a market value exceeding 350 billion Hong Kong dollars. The company's founder has thus become the newly minted richest person in Henan. By the end of last year, the company had 401 stores in mainland China, 130 stores in Hong Kong, Macau, Taiwan, and overseas, with operations in more than 30 countries and regions, and overseas revenue accounting for over 38%.
However, the crypto asset LABUBU, which shares the same name as Labubu, has failed to maintain its popularity for long. Currently, its market value has fallen below 28 million USD, with a 24-hour drop of 20.4%. So, what exactly is Labubu? Why was it so popular? And why is the LABUBU crypto asset struggling?
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Labu