Before you can start the Petrified Giant I quest in Coral Island, you will have to meet a Giant named Chieftain. It will happen during the Mythical Dream quest. The day after completing this quest, you need to visit the Cavern. The Chieftain will greet you there and tell you that the statues inside are giants turned to stone. This is how you will start the Petrified Giant I quest.
After this, you will face the most difficult part, namely the Earth Shaft. It is the first of four mines that will become available to you. And to free the Earth Giant in Coral Island, you have to go down to the lowest 40th level. Along the way, you will be able to find earth geodes and bronze ores so empty your inventory before going to the Cavern depths.
Finally, when you reach Level 40 of the Earth Shaft, you will find a large stone with green runes. Interact with it to remove the roots keeping it. After this, the Chieftain will appear and say that you have removed the curse from the Earth Giant in Coral Island. Use the elevator to go up to the Cavern entrance and meet your new Giant friend, Grog.
This way, players will complete the Petrified Giant I quest and as a reward, they will receive 150 Coins and unlock the Petrified Giant II quest. In addition, Grog will be able to take you to the Village of Giants and teach you how to enchant your tools. To do this, you must wait for a letter from him, and then come to the entrance to the Village, which is west of your house.