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    CZ’s Giggle Academy Receives $1.3 Million Support from Cryptocurrency Donors

    Ethan CarterBy No Comments3 Mins Read
    1758518529

    Binance co-founder Changpeng “CZ” Zhao’s edutech initiative, Giggle Academy, successfully raised over a million dollars in public donations within just half a day, predominantly thanks to a memecoin.

    At the time of writing, the donation address for Giggle Academy displayed a balance of over 1,311 BNB (BNB), equating to more than $1.3 million, according to the BNB Smart Chain scan tool BscScan, following its launch for donations on Sunday.

    A significant portion of the donations originated from a memecoin named “Giggle,” which was introduced by the Giggle Fund. This fund has been transferring trading fees obtained from the memecoin to Giggle Academy as BNB.

    Giggle Academy stated that all donations are allocated for community building, creator incentives, ecosystem growth, and product promotion. The project’s concept paper suggests a framework where educators can contribute educational resources and receive rewards for the best contributions, allowing top performers to emerge.

    Cryptocurrencies, Changpeng Zhao, Tokens
    Source: CZ

    Giggle Fund launched soon after user inquiry

    An X user with the handle RUNE initially inquired of CZ whether the project would accept tokens as donations, referencing Ethereum co-founder Vitalik Buterin’s $1 billion donation of Shiba Inu coins to a COVID-19 relief fund in India back in 2021.

    CZ commented in an X post that any donations related to memecoins will be converted or sold for major altcoins and added that they “appreciate the donations, but please don’t complain about the selling pressure later.”

    However, RUNE later clarified that “memecoin doesn’t work like that” and instead incurs a fee in BNB while sending the token as a donation, ensuring “No one is affected.”

    Cryptocurrencies, Changpeng Zhao, Tokens
    Source: Rune

    BscScan indicates that the fund has completed 967 transactions out of nearly 10,000 total to Giggle Academy since its inception.

    Simultaneously, Giggle Fund’s transaction activity has surged over 470% in the past 24 hours, according to DEX Screener, with a volume of $2.8 million, and describes itself as a “donation coin that directly contributes to GiggleAcademy.”