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Giggle Academy, an educational crypto project founded by Binance co-founder and former CEO Changpeng “CZ” Zhao, has renewed efforts to divest from the Giggle Fund token amid high volatility and growing community skepticism.
On a Tuesday X place, Giggle Academy clarified that GIGGLE – a newly launched token linked to the project – is not issued by the organization and is a community-initiated memecoin.
“The Giggle memecoin is not an official coin launched by Giggle Academy”, CZ he wrote on X on Monday, adding, “I don’t know who launched it.”
The clarification follows the growing controversy over the token, which intensified after Binance announced on Saturday that will begin donating 50% of GIGGLE’s spot trading rights and margins to charitable initiatives related to the Giggle Fund, starting in December.
GIGGLE market tanks after jumping 222%
The Giggle Fund token is a charity-oriented memecoin on Binance’s BNB Smart Chain that converts trading activity into donations for Giggle Academy, according to to data from Binance’s CoinMarketCap.
The token is designed to automatically donate 5% of every trade to fund Giggle Academy’s educational projects and is managed by a “decentralized team after the transition from anonymous sources”.
Launched in September 2025 with an initial market capitalization of around $24 million, GIGGLE has seen steady growth, reaching $100 million in early October. according to to CoinGecko data.
On October 25, the token’s market capitalization grew by 222%, climbing from about $86 million to a peak of $277 million, before falling to about $60 million as of Monday. On Tuesday, it took another jump to around $90 million, leaving the community baffled by the extreme volatility.
“They really pumped that GIGGLE and used it all for exit liquidity,” market watcher The Alchemist he wrote in a place X on Tuesday.
Cointelegraph approached Giggle Academy for comment regarding GIGGLE’s volatility, but had not received a response at the time of publication.
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The news comes amid BNB, the BNB Chain’s native crypto, accelerating its dip after becoming the third largest crypto asset by market capitalization in early October.
On Tuesday, Binance CEO Richard Teng dismissed allegations that Binance helped push a stablecoin linked to US President Donald Trump before ex CZ received a presidential pardon on October 23.
The allegations specifically relate to a $2 billion investment Binance received from Abu Dhabi state investment firm MGX, with the deal set in the Trump-backed stablecoin USD1. “The use of USD1 for the transaction between MGX as a strategic investor in Binance was decided by MGX,” said Teng.
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