When Your Side Hustle is Cultural Analysis

Sipping my third cold brew of the morning (because sleep is for those who don’t track Asian market opens), Bank of America’s report comparing Labubu collectibles to Moutai liquor hit my radar with the subtlety of a Bitcoin halving event. As someone who once shorted Dogecoin during Elon’s SNL appearance, I appreciate absurd comparisons—but this one? Surprisingly coherent.

The Social Currency Smackdown

Labubu:

• Demographic: Teens trading pocket money for dopamine hits
• Utility: Instagram flex + Discord clout
• Valuation: Priced in likes and FOMO

Moutai:

• Demographic: Executives lubricating guanxi networks
• Utility: Bribes disguised as gifts (allegedly)
• Valuation: Priced in political capital

The kicker? Both suffer from the same disease we see in shitcoins—extreme beta to hype cycles. Remember when CryptoKitties clogged Ethereum? Labubu’s secondary market prices are exhibiting similar parabolic delusions.

IP Lifecycles & The Greater Fool Theory

Pop Mart’s 275 HKD price target assumes:

1. No regulatory crackdown on ‘wasteful youth spending’ narratives (looking at you, Tencent gaming restrictions)
2. Their next IP hits before Zoomers realize they’ve been collecting plastic instead of Bitcoin ETFs
3. Global expansion offsets China’s demographic time bomb

Frankly, I’ve seen ERC-20 tokens with more sustainable economic models. At least JPEGs don’t require warehouse space.

Trading the Narrative Shift

Key indicators to watch:

• Labubu resale premiums (the NFT floor price analogue)

• TikTok unboxing video decay rate (engagement halving = demand topping)

  Final Thought: Next time someone says ‘collectibles are stores of value,’ ask if they’d accept a Labubu as collateral for a loan. Exactly.