Giggle Academy, the crypto education project founded by Binance co-founder and former CEO Changpeng “CZ” Zhao, is taking a new initiative to distance itself from the Giggle Fund token following heightened volatility and growing community skepticism.
In a post to X on Tuesday, Giggle Academy clarified that GIGGLE, the newly launched token linked to the project, was not issued by an organization, but rather a meme coin started by the community.
“The Giggle Meme Coin is not an official coin launched by Giggle Academy,” CZ wrote on Monday X, adding, “We do not know who launched it.”
The clarification comes as the controversy surrounding the token intensifies after Binance announced on Saturday that it will begin donating 50% of GIGGLE’s spot and margin trading fees to charities related to the Giggle Fund starting in December.
GIGGLE’s Market Cap Jumps 222% to Tank
The Giggle Fund token is a philanthropic meme coin on Binance’s BNB smart chain that converts trading activity into donations to Giggle Academy, according to data from Binance-owned CoinMarketCap.
The token is designed to automatically donate 5% of every transaction to fund Giggle Academy’s educational projects, and will be managed by a “decentralized team after transitioning from anonymous origins.”
Founded in September 2025 with an initial market capitalization of approximately $24 million, GIGGLE has experienced steady growth, reaching $100 million by early October, according to CoinGecko data.
On October 25th, the token’s market capitalization soared 222%, rising from about $86 million to a peak of $277 million, but was back to about $60 million by Monday. It rose further to around $90 million on Tuesday, leaving the community bewildered by the extreme volatility.
“They really stirred up laughter and used you all for exit liquidity,” market observer Alchemist wrote in an X post on Tuesday.
Cointelegraph reached out to Giggle Academy for comment regarding GIGGLE’s volatility, but did not receive a response at the time of publication.
Related: President Trump defends CZ pardon, says Binance co-founder ‘doesn’t know’
The news comes as BNB, the native cryptocurrency of the BNB chain, is accelerating its decline after becoming the third-largest crypto asset by market capitalization in early October.
On Tuesday, Binance CEO Richard Teng dismissed allegations that Binance helped promote stablecoins linked to US President Donald Trump before the former CZ received a presidential pardon on October 23.
The allegations specifically relate to a $2 billion investment that Binance received from Abu Dhabi’s state-owned investment company MGX, with transactions settled in a US$1 stablecoin backed by President Trump. “MGX has decided to use USD 1 in the transaction between MGX and Binance as strategic investors,” Teng said.
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