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

Founded by the former CEO of Binance, Changpeng Zhao (CZ), the Giggle Academy project is not connected to the Giggle Fund (GIGGLE), a meme coin. This was clarified by the project’s team.

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

The token is designed to automatically allocate 5% of each transaction to fund educational projects.

On November 3, Binance announced plans to direct 50% of trading fees from the token towards charitable initiatives starting in December. This led users to speculate that the token is backed by an educational organization and its creator.

«Another criminal activity from CZ—I’m keeping an eye on you,» one user commented.

Zhao also addressed the rumors and explained the mechanism for burning the donations received. He stated that the Giggle Fund’s smart contract will directly transfer BNB to a public address designated for Giggle Academy donations.

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

The meme coin GIGGLE launched in September and has seen its value increase by over 170% since then.

On October 25, according to CoinGecko, the token’s price hit an all-time high of $274.54 with a market capitalization of $277 million. As of the time of writing, the asset is trading at $77, with a market valuation of $76 million, reflecting a drop of 113%.

«They’ve really hyped this GIGGLE and used you all as liquidity for their exit,» user The Alchemist remarked.

Another user, known as Degen_tactician, referred to the situation as «manipulation under the guise of philanthropy,» stating, «Binance pretends to be charitable while half of the donations go up in smoke. CZ is playing the roles of an accountant, a priest, and a magician—burning, blessing, and claiming it’s ‘for the children.'»

However, some expressed skepticism about malicious intentions and praised Zhao for his transparency and commitment to charitable efforts.

It’s worth noting that in October, former U.S. President Donald Trump pardoned the founder of Binance.