Because you hadn't done any reads on descriptor 88, the current seek position was "0", and so the write took place at that point.
If, instead, you'd read the file before then, then appends happen:
bash-4.2$ cat <&88
The quick brown fox ...
The quick brown fox ...
bash-4.2$ echo hello >&88
bash-4.2$ cat example.txt
The quick brown fox ...
The quick brown fox ...
hello
bash-4.2$ echo more >&88
bash-4.2$ cat example.txt
The quick brown fox ...
The quick brown fox ...
hello
more