Solana Labubu Meme Coin Shoots to $49 Million After Viral Toy Sales Halted
David ClarkeLabubu Craze Prompts Retailer to Pull Dolls from Shelves amid Safety Concerns
The overwhelming popularity of Labubu dolls has led retailer Pop Mart to temporarily suspend sales of these collectible toys in its stores. This move follows reports of chaotic scenes at UK locations, where eager customers camped outside stores and engaged in physical altercations with staff and other shoppers to secure the coveted items.
Meme Coin Surges Alongside Toy Craze
The frenzy surrounding Labubu has unexpectedly boosted an unofficial cryptocurrency tied to the brand. The meme coin has experienced a staggering 5,934% increase in value over the past two weeks, reaching a market capitalization exceeding $49 million. Originally created on Pump.fun seven months ago, the token saw limited traction until the recent Labubu phenomenon took hold.
The Rise of a Cultural Icon
Labubu, a distinctive hybrid of a fluffy bunny and an eccentric monster, has evolved into a must-have fashion statement. High-profile figures like Rihanna have been spotted wearing the popular bag charms. The character first appeared in 2015 as part of Hong Kong artist Kasing Lung's "The Monsters" picture book series, with physical dolls launching in 2019.
Factors Driving the Phenomenon
Several elements have contributed to Labubu's explosive popularity:
- The growing blind box trend
- Viral TikTok exposure
- Celebrity endorsements
As physical dolls become increasingly scarce, fans are turning to the digital alternative of the meme coin to participate in the craze. Crypto trader LadyETH captured this sentiment perfectly: "I bought $LABUBU because having Labubus just wasn't enough."
With physical dolls temporarily unavailable, the meme coin's popularity shows no signs of slowing as enthusiasts seek new ways to connect with their beloved character.
