Giggle Academy, a crypto educational project founded by Binance co-founder and former CEO Changpeng “CZ” Zhao, has renewed its efforts to distance itself from the Giggle Fund token amid heightened volatility and mounting community skepticism.
In a Tuesday X post, 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 wrote on X on Monday, adding: “I don’t know who launched it.”
The clarification follows rising controversy over the token, which intensified after Binance announced on Saturday that it would start donating 50% of GIGGLE spot and margin trading fees to charitable initiatives linked to Giggle Fund starting in December.
GIGGLE Market Cap Experiences Extreme Volatility
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 data from Binance-owned CoinMarketCap.
The token is designed to automatically donate 5% of every trade to fund Giggle Academy’s education projects and is managed by a “decentralized team after transitioning from anonymous origins.”
Launched in September 2025 with an initial market capitalization of around $24 million, GIGGLE has seen steady growth, reaching $100 million by early October, according to CoinGecko data.
On Oct. 25, the token’s market cap surged 222%, climbing from roughly $86 million to a peak of $277 million, before falling back to around $60 million by Monday. On Tuesday, it experienced another jump to approximately $90 million, leaving the community puzzled by the extreme volatility.
“They really pumped that GIGGLE up and used y’all for exit liquidity,” market observer The Alchemist wrote in an X post on Tuesday.
Cointelegraph approached Giggle Academy for comment regarding GIGGLE volatility but had not received a response at the time of publication.
Broader Market Context and Related Developments
The news came amid BNB, the native cryptocurrency of the BNB Chain, accelerating its dip after becoming the third-largest crypto asset by market cap in early October.
On Tuesday, Binance CEO Richard Teng dismissed allegations that Binance helped boost a stablecoin linked to US President Donald Trump before former CZ received a presidential pardon on Oct. 23.
The allegations specifically relate to a $2 billion investment Binance received from Abu Dhabi’s state-owned investment firm MGX, with the deal settled in Trump-backed USD1 stablecoin. “The usage of USD1 for the transaction between MGX as a strategic investor into Binance was decided by MGX,” Teng said.