Giggle Academy Distances Itself from Controversial GIGGLE Meme Coin Translation: Giggle Academy Distances Itself from Controversial GIGGLE Meme Coin

Launched by former Binance CEO Changpeng Zhao (CZ), the Giggle Academy project is not linked to the meme coin Giggle Fund (GIGGLE), according to its team.

According to information from CoinMarketCap, Giggle Fund is a charity-focused token on the BNB Chain. The project translates trading activities into donations for Giggle Academy.

The coin is designed to automatically donate 5% of each transaction to fund educational projects.

On November 3, Binance announced plans to allocate 50% of trading fees from the coin to charitable initiatives starting in December. In this context, users speculated that the coin was associated with an educational organization and its creator.

“Another criminal act by CZ—I’m watching you,” wrote one user.

Zhao also addressed the rumors, explaining the mechanism for burning the received donations. He stated that the Giggle Fund smart contract would directly transfer BNB to a public address designated for Giggle Academy donations.

“Binance’s donation proposal from trading fees is carried out in Giggle Fund tokens. Giggle Academy will burn half of the received coins and convert the rest into BNB,” Zhao clarified.

The meme coin GIGGLE emerged in September and has since seen its value soar over 170%.

According to CoinGecko, on October 25, the token’s price reached an all-time high of $274.54, with a market capitalization of $277 million. At the time of writing, the asset is trading at $77 with a market value of $76 million, reflecting a drop of 113%.

“They really pumped this GIGGLE and used you all as liquidity for their exit,” called the situation “manipulation under the guise of philanthropy”:

“Binance pretends to be charitable while half of the donations go up in smoke. CZ is playing the roles of accountant, priest, and magician—burning, blessing, and claiming it’s ‘for the children.’”

However, some doubted the malicious intent and granted clemency to the founder of Binance.