init swung more than 30% in a day: it surged to 0.319 at 2:50 a.m., plunged to 0.237 at 10 a.m., then bounced back to 0.296u within two hours.
Recap: In the post at midnight, I said not to chase, that 0.25 had gone from a ceiling to a floor, and that if it broke below that level, we’d look at 0.197. That plunge this morning really did break below 0.25, hitting a low of 0.237, but it was still far from 0.197 when it got pulled back up. “Don’t chase” was right; “0.25 is the floor” didn’t hold up—that part was wrong.
There’s an important new development today: the official statement says the attack began with a leaked GCP key, and $3.27 million was transferred to the hackers—quite a bit more than the $615,000 previously reported. The chain has to be rebuilt in an isolated environment, so restarting will take longer than usual; no date has been given. The good news is that none of the init itself was lost, and the team says it will restore all affected assets.
So Big Brother’s view hasn’t changed: still don’t chase. The longer the chain stays halted, the longer it will take for tokens to flow back in, and the longer this kind of 30%-plus whipsaw will continue. The real finish line is the day the chain restarts.
Levels: 0.326 above is the high of the past two days; 0.237 below is today’s low. If it breaks lower, watch 0.197.
Do you think the init chain can restart this week? #INIT $INIT
Recap: In the post at midnight, I said not to chase, that 0.25 had gone from a ceiling to a floor, and that if it broke below that level, we’d look at 0.197. That plunge this morning really did break below 0.25, hitting a low of 0.237, but it was still far from 0.197 when it got pulled back up. “Don’t chase” was right; “0.25 is the floor” didn’t hold up—that part was wrong.
There’s an important new development today: the official statement says the attack began with a leaked GCP key, and $3.27 million was transferred to the hackers—quite a bit more than the $615,000 previously reported. The chain has to be rebuilt in an isolated environment, so restarting will take longer than usual; no date has been given. The good news is that none of the init itself was lost, and the team says it will restore all affected assets.
So Big Brother’s view hasn’t changed: still don’t chase. The longer the chain stays halted, the longer it will take for tokens to flow back in, and the longer this kind of 30%-plus whipsaw will continue. The real finish line is the day the chain restarts.
Levels: 0.326 above is the high of the past two days; 0.237 below is today’s low. If it breaks lower, watch 0.197.
Do you think the init chain can restart this week? #INIT $INIT
