The GIGGLE token has re-emerged as a focal point, frequently mentioned in tweets by Binance founder Changpeng Zhao (CZ).
Although GIGGLE has no official affiliation with CZ's educational initiative, Giggle Academy, it features in his communications due to a portion of his transaction fees being donated to the organization.
New Fee Distribution Mechanism Announced
GiggleFund disclosed on the X (formerly Twitter) platform that, effective December 1st, 50% of the trading fees collected from all GIGGLE trading pairs on Binance will be converted into GIGGLE and subsequently donated to Giggle Academy. The remaining portion of the fees will be allocated to token burns.
This novel mechanism is intended to foster a "positive flywheel mechanism," simultaneously driving donations and reducing the token's circulating supply.
Giggle Academy Clarifies Relationship with GIGGLE Token
Giggle Academy has issued a statement emphasizing its lack of official ties to the GIGGLE token. While CZ's educational platform operates as a strictly non-profit entity, the GIGGLE token is reportedly attracting speculative interest due to its similar nomenclature.
Market Performance and Investor Activity
The market capitalization of the Giggle token has surged past $180 million, marking a significant 125.4% increase within a 24-hour period.
On-chain analytics service Lookonchain reported that a user identified as "sencrazy.eth" deposited 20,002 GIGGLE tokens, valued at approximately $1.67 million, to Binance two days prior. This user had previously withdrawn the same tokens from Binance six days earlier, reportedly at a loss of around $484,000 at that time.
However, given the token's price increase of nearly 250% from its initial level over the last two days, this investor appears to have missed out on substantial potential profits.
It is important to note that GIGGLE could currently be classified as a memecoin and may be subject to significant price declines, mirroring the volatility seen in previous memecoins supported by CZ, such as TST.