CZ’s Giggle Academy distances itself from GIGGLE as token plunges
Giggle Academy, founded by CZ, clarified it is not behind the volatile GIGGLE memecoin, despite Binance's planned fee donations.Summary
Giggle Academy, the crypto educational project founded by Binance co-founder Changpeng “CZ” Zhao, has actively distanced itself from the GIGGLE token, clarifying that it is a community-initiated memecoin and not officially launched by the academy. This clarification came amidst heightened market volatility and community skepticism surrounding the token. The controversy intensified after Binance announced it would donate 50% of GIGGLE spot and margin trading fees to charities linked to Giggle Fund starting in December. The GIGGLE token, which is supposed to automatically donate 5% of trades to Giggle Academy projects, experienced extreme volatility, surging 222% in market cap before plunging significantly. Market observers suggested the token was subject to a pump-and-dump scheme.
(Source：Cointelegraph)