bubbling vs bubbly

bubbling is not a noun while bubbly is a noun.

Word	Noun	Adjective	Verb	Adverb
bubbling	No	Yes	No	No
bubbly	Yes	Yes	No	No

As adjectives, bubbling and bubbly are synonyms defined as:

bubbling and bubbly: emitting or filled with bubbles as from carbonation or fermentation

Other synonyms of bubbling include effervescing, foaming, foamy, frothy, spumy.

bubbling (noun)	bubbly (noun)
	a white sparkling wine either produced in Champagne or resembling that produced there

bubbling (adjective)	bubbly (adjective)
emitting or filled with bubbles as from carbonation or fermentation	emitting or filled with bubbles as from carbonation or fermentation
marked by high spirits or excitement	full of or showing high spirits