bubbly vs bubbling

bubbly is a noun but bubbling is not a noun.

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

As adjectives, bubbly and bubbling are synonyms defined as:

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

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

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

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