The GIGGLE token, which Binance founder Changpeng Zhao (CZ) frequently mentioned in his tweets, has come to the fore again.
GIGGLE, which has no official relationship with CZ’s education platform Giggle Academy, is nevertheless mentioned in CZ’s tweets because he donates a portion of his transaction fees to this organization.
GiggleFund announced on the X (Twitter) platform that, starting from December 1st, 50% of the trading fees received on all GIGGLE trading pairs on Binance will be converted to GIGGLE and donated to Giggle Academy, while the remaining portion will be used for token burns.
It was argued that this mechanism would create a “positive flywheel (self-reinforcing growth) mechanism” by creating both a donation cycle and a supply-reducing effect.
Giggle Academy has issued a statement declaring that it has no official affiliation with the GIGGLE token. While CZ’s educational platform is positioned as a completely non-profit organization, the GIGGLE token is reportedly attracting speculative interest due to this similar name.
The market capitalization of the Giggle token has surpassed $180 million, rising by 125.4% in 24 hours.
Weekly chart showing the rise in GIGGLE price.
On-chain analytics platform Lookonchain reported that a user named “sencrazy.eth” deposited 20,002 GIGGLE tokens (worth approximately $1.67 million) to Binance two days ago. Interestingly, this user had withdrawn the tokens from Binance six days prior, appearing to have lost approximately $484,000 at the time.
However, the price has risen by nearly 250% from its base level in the last two days, meaning the investor is missing out on a potentially large profit.
However, GIGGLE could currently be considered a memecoin and could also experience a large drop in price, similar to previous memecoins like TST, which CZ supports.
*This is not investment advice.
Read the full article here