Binance founder Changpeng Zhao has accidentally sparked a token rally after Giggle Academy received $11 million worth of BNB donations from the crypto community.
Summary
- Changpeng Zhao shared on X that his education initiative, Giggle Academy, recently received a total donation of $11 million worth of BNB in the past 20 days.
- CZ’s announcement sparked a token rally on several $GIGGLE tokens, leading to widespread confusion as many believed the education project had never launched a native token before.
On Oct. 10, Changpeng Zhao announced that as much as $11 million has been donated to the education project in the past 20 days. The project aims to provide basic free education for students in Grade 1 through Grade 12 through an English-language app.
“$11,000,000 in hard currency (#BNB) donated to
@GiggleAcademy in less than 20 days to spread free education to the world. Power to crypto for good, Power to $giggle,” said CZ in his latest post.
Although many traders celebrated the sign of goodwill from the crypto community, others were quick to point out that Changpeng Zhao had dropped the $GIGGLE ticker. Although the project claims that it has never launched a native token, it did not stop traders from flocking to tokens bearing the same name.
“CZ, many tokens have used the name giggle. You need to tell everyone that Giggle Academy has not launched any tokens,” said one X user.
“CZ, look what your tweet did to the $Giggle chart, I’m literally giggling just watching it, even though I’ve got nothing left to invest (sad but true),” said another X user.
Other traders shared several screenshots of charts showcasing copycat tokens with the GIGGLE ticker, many of which have gotten a major boost after CZ shared the donation announcement.
On TradingView, the Giggle Fund token jumped from $82 to $120.61 within just second of CZ’s announcement. However, the hype soon died down as it gradually fell further by about 19% in the past hour. Not only that, CZ’s mention of $GIGGLE also helped to increase the trading volume for the pair GIGGLE/WBNB, which now has a volume of $23.5 million.
According to data from GMGN, the Giggle Fund token’s market cap has surpassed $110 million, having previously reached a peak as high as $116 million with a 20-minute increase of 31.44%.
On-chain data shows that the token was launched on September 22, only a day after Giggle Academy opened public donations. However, there has not been any announcements on the official X account that indicate the project had launched a token to generate funds for the initiative.
What is Giggle Academy?
Established by Changpeng Zhao, Giggle Academy is a non-profit learning platform that strives to make high-quality education free for children worldwide. The app provides online courses that cover traditional subjects such as math and science with the addition of more modern topics such as finance, blockchain, AI and entrepreneurship.
On the one-year anniversary of his release from prison, CZ claimed that the project has successfully provided free education for at least 50,000 children.
On Sept. 21, the education project declared that it would be accepting public donations. The funds would be used to provide free education for children through building communities, developing the ecosystem, promotional initiatives and other programs.
According to the screenshot shared on Oct. 10 by CZ, the BSC Scan page shows that the Giggle Academy address holds about 8,722 BNB (BNB) in its on-chain balance. When converted based on current market prices, the donation is equal to more than $11.04 million.
Source: https://crypto.news/giggle-academy-11m-donation-sparks-token-confusion/