The post SHIB Investors Flee to Bitnance After DAO Scandal appeared on BitcoinEthereumNews.com.

Shiba Inu investors appear to be flocking toward Bitnance, a new project on presale that promises to become Binance’s ‘go-to’ digital store of value asset. Over the past 20 days, $SHIB has been on a downward trend, losing over 14% of its value. On a monthly period, however, the memecoin has a modest value increase of 0.82%.  Since its incredible March surge, Shiba Inu has struggled to maintain its momentum and has been on a losing record since. Even recent reports from IntoTheBlock regarding an increase in whale activity in the network weren’t enough to significantly reverse the bearish trend. Adding to Shiba Inu’s challenges, a recent incident within the Shiba Inu DAO has further shaken investor confidence. Nearly $100k worth of ETH – donated by fast food partner “Welly” to the DAO – have reportedly been stolen. This occurred just after the community overwhelmingly voted to secure the funds in a new multi-signature wallet controlled by key developers. Despite this clear decision, the tokens were quickly moved through a series of addresses and ultimately sold off on centralized exchanges, raising concerns about the security and governance within the DAO. This unsettling event has amplified doubts about Shiba Inu’s future, as the project faces not only market challenges but also internal issues that threaten its stability. Far from being the first time a Shiba Inu product has been tainted with controversy – investors are increasingly growing suspicious of the developers’ abilities. Coincidentally, blockchain analysis reveals an increasingly larger number of $SHIB holders moving towards a new project on the Binance Smart Chain.  SHIB Holders Buying Bitnance Presale Recently, Bitnance – a digital store of value coming to the Binance Chain later this year – has been recording an impressive performance regarding token sales. Over the past month, the project more…

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Filed under: News - @ September 5, 2024 8:24 am