Changpeng Zhao (CZ), co-founder of Binance, has publicly denied any official connection to the GIGGLE memecoin, stating that it is not launched by Giggle Academy and he does not know its creators. This announcement caused the token's price to plummet by up to 30% shortly after his social media post on November 3, 2025.
In his tweet, CZ wrote, "The $Giggle meme coin is NOT an official coin launched by GiggleAcademy. I don’t know who launched it." This clarification came after Binance had earlier announced support for the GIGGLE Fund, pledging to donate 50% of transaction fees from spot and margin trading to charitable projects starting in December 2025. Despite this philanthropic move, the token's value dropped sharply, with its market cap falling to $58.75 million, marking a 28% decline from the previous day.
The GIGGLE memecoin, which runs on the BNB Smart Chain, had previously surged due to speculation and its debut on Binance, reaching a high of $110 following the donation announcement. However, the recent correction has wiped out much of the gains, including a 91% weekly increase and a 1,532% surge over the past month. On-chain data reveals that a single whale spent $1.2 million in USDT to purchase 4,794 tokens at an average cost of $251 each, and now holds 99.4% of its assets in GIGGLE, valued at under $1 million.
Binance's involvement includes converting trading fees into donations, with the Giggle Fund having raised $6.39 million in USDT, USDC, and BNB tokens to support children's education through Giggle Academy. Up to 10,000 wallets currently own the coin, but experts caution about its volatility and dependence on Binance announcements. Technical indicators, such as the absence of a bullish divergence in the two-hour RSI, suggest the downward trend may persist, though a breakout from resistance could alter this outlook.
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