$INIT bounces 34% while its chain is STILL halted — 2nd hack in 18 days
Initia's chain has been halted TWICE in 18 days — and the token is pumping anyway. Read this before you chase it.
23 Oct: a MoveVM flaw let an attacker mint unbacked balances; about $2.7M bridged out. The chain restarted 2 Nov with an audited patch. Then 9-10 Nov: compromised cloud keys were used to fake IBC withdrawals across 5 rollups. First reported ~$615K, now revised to ~$3.27M. Chain stopped 10 Nov 06:18 UTC — no restart timeline as of 12 Nov. About $2.16M frozen on the paused chain; no INIT left the network.
And yet $INIT pumped 61% on 10 Nov itself (close $0.2748, high $0.3319) — a short squeeze, not recovery: open interest doubled to ~$49M, funding deeply negative. It then crashed 63% in 4 days to $0.1006. Today's bounce has NO fresh catalyst — no restart news, no reimbursement plan. Same squeeze, round two.
Snapshot (Binance, 15 Nov ~17:53 PKT): $0.1340, up 34% in 24h, range $0.0941-$0.1477, vol $16.8M (2.2x 30d avg). 14 Nov close $0.1006. EMA20 $0.1452, SMA50 $0.1350, SMA200 $0.0826 — price is back above SMA200 but still under EMA20. RSI 40. 7d -17.5%, 30d -29.0%. Mkt cap ~$30M, rank 592. ATH $1.42 (May 2025), 91% below. Fear and Greed 10, Extreme Fear. BTC $65,481, ETH $1,833.
Expectations (not a guarantee) — base-rate, 399 Binance daily candles: after a close up 8%+, the up 8% barrier hit first in 13 of 19 (68%), down first 5 (26%), flat 1 (5%). BUT 7 days later price was higher in only 5 of 19 (26%) — these bounces usually fade. Cross-check (up 4% closes, N=30): 53% up / 47% down — coin flip. No $INIT options on Deribit, so no market-implied odds.
Plan: do NOT chase. Dip-long only $0.101-$0.109, stop on a daily close below $0.0925. Breakout-long only on a daily close above $0.1452 (EMA20). Targets $0.1477 then $0.1650 (10 Nov low). Below $0.0925: $0.0481 (lowest close ever). Tiny size, spot only, no leverage. Confidence: Low. This is a halted-chain token, not a recovery story.
#Initia #INIT #Crypto
Initia's chain has been halted TWICE in 18 days — and the token is pumping anyway. Read this before you chase it.
23 Oct: a MoveVM flaw let an attacker mint unbacked balances; about $2.7M bridged out. The chain restarted 2 Nov with an audited patch. Then 9-10 Nov: compromised cloud keys were used to fake IBC withdrawals across 5 rollups. First reported ~$615K, now revised to ~$3.27M. Chain stopped 10 Nov 06:18 UTC — no restart timeline as of 12 Nov. About $2.16M frozen on the paused chain; no INIT left the network.
And yet $INIT pumped 61% on 10 Nov itself (close $0.2748, high $0.3319) — a short squeeze, not recovery: open interest doubled to ~$49M, funding deeply negative. It then crashed 63% in 4 days to $0.1006. Today's bounce has NO fresh catalyst — no restart news, no reimbursement plan. Same squeeze, round two.
Snapshot (Binance, 15 Nov ~17:53 PKT): $0.1340, up 34% in 24h, range $0.0941-$0.1477, vol $16.8M (2.2x 30d avg). 14 Nov close $0.1006. EMA20 $0.1452, SMA50 $0.1350, SMA200 $0.0826 — price is back above SMA200 but still under EMA20. RSI 40. 7d -17.5%, 30d -29.0%. Mkt cap ~$30M, rank 592. ATH $1.42 (May 2025), 91% below. Fear and Greed 10, Extreme Fear. BTC $65,481, ETH $1,833.
Expectations (not a guarantee) — base-rate, 399 Binance daily candles: after a close up 8%+, the up 8% barrier hit first in 13 of 19 (68%), down first 5 (26%), flat 1 (5%). BUT 7 days later price was higher in only 5 of 19 (26%) — these bounces usually fade. Cross-check (up 4% closes, N=30): 53% up / 47% down — coin flip. No $INIT options on Deribit, so no market-implied odds.
Plan: do NOT chase. Dip-long only $0.101-$0.109, stop on a daily close below $0.0925. Breakout-long only on a daily close above $0.1452 (EMA20). Targets $0.1477 then $0.1650 (10 Nov low). Below $0.0925: $0.0481 (lowest close ever). Tiny size, spot only, no leverage. Confidence: Low. This is a halted-chain token, not a recovery story.
#Initia #INIT #Crypto