CZ's Giggle Academy Raises Over $1 Million in Public Donations Within Nine Hours
According to GMGN data, the unofficial GIGGLE token briefly hit a $51 million market cap before retreating, while CZ reaffirmed that Giggle Academy will not issue any cryptocurrency.
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Fact Check
The statement is directly supported by Source 13 (ChainCatcher, citing Cointelegraph), which states that 'Giggle Academy founded by CZ (Changpeng Zhao) raised over $1 million within 9 hours of opening public donations.' While other sources (2 and 9) mention a lower figure of $880,000, they also specify a much shorter timeframe of two hours and attribute the funds to a specific meme coin. The information is not contradictory, as it's plausible that further donations in the subsequent seven hours pushed the total past the $1 million mark. The primary source directly corroborates the full claim.
Summary
On September 22, GMGN reported that GIGGLE, a meme token associated with CZ's Giggle Academy donation concept, briefly reached a $51 million market cap before falling back to $40 million. The surge coincided with attention drawn to Giggle Academy’s X account. CZ clarified that Giggle Academy has not created and will not create any token, stressing that GIGGLE is an unofficial BSC meme token with no endorsement. The announcement urged investors to exercise caution.
Terms & Concepts
- BSC (BNB Smart Chain): A blockchain platform developed by Binance for running smart contracts and decentralized applications, often used for creating tokens like GIGGLE.
- Meme Token: A type of cryptocurrency created as a joke or based on internet memes, often speculative and lacking fundamental backing.