Meme coin Labubu increased by 5.934% thanks to the doll going viral on social media.

An unofficial Solana memecoin named Labubu (LABUBU), inspired by the Labubu toy line, has soared 5,934% over the past two weeks, reaching a market capitalization of 49.16 million USD thanks to the viral doll effect.

The heat has spread to the point that many stores in the UK have had to remove the product from the shelves to prevent customers from fighting over this cute toy.

The memecoin LABUBU was created on the Pump.fun platform in October 2024, having previously reached a market capitalization peak of 10 million USD, before plummeting to below 1 million USD and “lying low” for many months. However, according to DEX Screener, this token unexpectedly surged from 814,710 USD to a peak of 49.16 million USD, before slightly correcting 15% down to 41.55 million USD.

A representative of Pop Mart, a distributor of Labubu dolls, confirmed to the BBC that it was temporarily suspending the sale of products in stores to “avoid safety risks”, after scenes of customers camping, jostling and fighting with each other’s employees.

What is Labubu?

Labubu is a hybrid character between a rabbit and a monster, designed by Hong Kong artist Kasing Lung in 2015 in the comic series The Monsters. By 2019, the Labubu dolls officially hit the shelves, primarily in the form of fashion keychains, sold in a “blind box” format – buyers do not know which version is inside the box.

Labubu has become a global trend thanks to TikTok, the blind box trend, and stars like Rihanna. According to Google Trends, the peak search occurred in October 2024 – coinciding with the launch of the memecoin LABUBU.

With dolls banned from sale, the fan community is looking to the LABUBU token as a way to satisfy the “Labubu hunger”.

“I bought $LABUBU because having the Labubu doll is still not enough,” - trader LadyETH shared on Twitter.