Giggle Academy Distances Itself from Meme Coin Controversy Translation: Giggle Academy Distances Itself from Meme Coin Controversy

Founded by former Binance CEO Changpeng Zhao (CZ), the Giggle Academy project is not connected to the meme coin Giggle Fund (GIGGLE), as confirmed by its team.

According to 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% from each transaction to fund educational initiatives.

On November 3, Binance announced plans to allocate 50% of trading fees from the coin to charitable efforts starting in December. In light of this, users speculated that the coin was linked to an educational organization and its founder.

«Another criminal activity from CZ — I’m watching you,» one user commented.

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

«Binance’s proposal for trading fee donations is made in Giggle Fund tokens. Giggle Academy will burn half of the coins received and convert the rest into BNB,» Zhao explained.

The meme coin GIGGLE emerged in September, and since then, its value has increased by over 170%.

As reported by CoinGecko, on October 25, the token’s price peaked at an all-time high of $274.54, with a market cap of $277 million. At the time of writing, the asset is trading at $77, having dropped by 113%, with a market value of $76 million.

«They really hyped up this GIGGLE and used you all as liquidity to exit,» termed the situation «manipulation under the guise of philanthropy»:

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

Nonetheless, some expressed skepticism about any ill intentions and granted clemency to the founder of Binance.