It's pronounced GIF.... guh-ifffff
G sounds J when followed by an I or E, like Gerald and Gin.
Doing it your way you'd have to pronounce giphy guh-ih-puh-huh-yuh,
[GIPHY="no fun zone"]https://media3.giphy.com/media/l3q2Z2Q80mdFKW86Y/giphy.gif[/GIPHY]
The one where Fly introduced it to the forum, but considering how often you seem to forget how to giphy, might as well start another.
gift
Gilbert
git r dun.
hard g, motherfucker.
gigabytegift
Gilbert
git r dun.
hard g, motherfucker.
gigabyte
gimbals
gibbon
giggle
gilded
gills
it's like the "I before E except after C" thing. there are more exceptions to the rule than there are examples of it so it isn't taught anymore