Changpeng Zhao "Giggle Academy is not related to the Giggle meme coin"

Son Min

Summary

Changpeng Zhao's Giggle Academy reiterated that it is not associated with the recently plunging Giggle Fund (GIGGLE) token.
The GIGGLE token was not officially issued by the Academy and is just a community-driven meme coin, the statement said.
GIGGLE's market cap surpassed $100 million and then fell to about $60 million, and no response was received from the Academy regarding volatility.

Binance co-founder Changpeng Zhao (CZ) reiterated that 'Giggle Academy' is not associated with the plunging 'Giggle Fund (GIGGLE) token'. Giggle Academy is a virtual asset (cryptocurrency) education project founded by Changpeng Zhao.

On the 4th (local time), Cointelegraph reported that Changpeng Zhao said, "The GIGGLE token is not an official coin issued by Giggle Academy, and I do not know who launched it." Giggle Academy also reiterated that "GIGGLE is a community-driven meme coin and is not directly affiliated with the Academy."

This statement came right after Binance announced it would donate 50% of GIGGLE spot and margin trading fees to Giggle Fund-related charitable projects starting next month. Following that announcement, confusion continued in the market over the link between Giggle Academy and GIGGLE.

GIGGLE is a charity-type meme coin based on the Binance Smart Chain (BNB Chain), and 5% of transaction amounts are automatically converted into funding for Giggle Academy's education projects. According to CoinMarketCap, GIGGLE was launched in September this year with about $24 million and its market capitalization surpassed $100 million in early October. However, its current market cap has fallen to about $60 million.

The outlet said, "We requested a comment from the Academy regarding the volatility of the GIGGLE coin, but had not received a response by the time of publication."