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Is BNB Still a Good Buy? Investors Eying These Popular New Altcoins

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A cloud of uncertainty hangs over Binance, its native currency, BNB, and the broader BNB Chain ecosystem. It all has to do with the recent pronouncement from the United States Department of Justice (DOJ) that it will settle with the world’s largest exchange once it pays a $4.3 billion penalty.

This fine follows charges pressed by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) that the exchange knowingly violated several federal securities laws and was laundering money.

Amid this, investors are diversifying away from BNB, a token that is key to Binance and the BNB Chain ecosystem, and looking at low-cap tokens across the board. Some of these altcoins, such as BorroeFinance (ROE) and InQubeta (QUBE), are currently conducting their presale, and their native tokens are available at a discount.

Still, the lingering question remains: Is BNB, amid the Binance controversy, still a good buy, and can QUBE or ROE, or both, fill the gap for investors diversifying their portfolios?

Binance and BNB: Impact on Price Action

The DOJ expects Binance to pay $4.3 billion over the next year or so in a deal that also saw Changpeng Zhao, the exchange’s eccentric founder, stepping down from his role.

The former Abu Dhabi global market chief executive Richard Teng has since replaced him. While there were concerns about what this change meant for Binance, Teng reassured the community that despite the expected fear about the exchange, their fundamentals remain solid and debt-free and are further buoyed by “robust revenues and profits.”

This bullish outlook, however, is not visible if BNB’s recent prices are anything to go by. A look at the price action in the daily chart shows that prices have remained stable on the last trading day, but are down 13% from November highs. The immediate resistance level is around $270, but on the lower end, $200 is crucial.

As such, some analysts are not throwing caution to the wind and exploring alternatives to bolster their bases.