Initia's chain died for nine days in October. Its token just doubled in two days.
October 23: a MoveVM bug let attackers mint ~$2.7M in unbacked tokens. Nine days halted, then back November 2 — audited patch, no rollback — and the market barely blinked, until this week.
Yesterday, Initia paused its rollups again over an infrastructure issue. L1 stayed online, no funds affected — and buyers piled in anyway. INIT closed November 9 up 59% at $0.191, then ran to $0.332 today. Binance volume: $0.5M on November 7, $32M today. Two days, +127% from the $0.120 close.
Three ways out. One: rollups return clean, recovery has legs. Two: investigation drags, spike gives it back. Three: the tape ignores the chain and trades momentum.
The risk is plain: a post-exploit token, second outage in three weeks. A daily close under $0.191 breaks it. Levels I'm watching: support $0.207, then $0.191. Resistance $0.332.
So what flips first: the rollups back online, or the tape giving back the spike before the week ends?
NFA, DYOR.
$INIT #Initia #Altcoins #CryptoNews #Rollups
October 23: a MoveVM bug let attackers mint ~$2.7M in unbacked tokens. Nine days halted, then back November 2 — audited patch, no rollback — and the market barely blinked, until this week.
Yesterday, Initia paused its rollups again over an infrastructure issue. L1 stayed online, no funds affected — and buyers piled in anyway. INIT closed November 9 up 59% at $0.191, then ran to $0.332 today. Binance volume: $0.5M on November 7, $32M today. Two days, +127% from the $0.120 close.
Three ways out. One: rollups return clean, recovery has legs. Two: investigation drags, spike gives it back. Three: the tape ignores the chain and trades momentum.
The risk is plain: a post-exploit token, second outage in three weeks. A daily close under $0.191 breaks it. Levels I'm watching: support $0.207, then $0.191. Resistance $0.332.
So what flips first: the rollups back online, or the tape giving back the spike before the week ends?
NFA, DYOR.
$INIT #Initia #Altcoins #CryptoNews #Rollups
