The chain was hacked and halted, yet the token price doubled? $INIT surged over 140% in two days. What kind of money is behind this move? 👇
1️⃣ $INIT is currently around $0.31, up about 64% on Binance over the past 24 hours, with an intraday high of $0.332. It was still hovering around $0.13 on November 9, so it’s more than doubled in two days.
2️⃣ The fundamentals tell a different story: Initia’s mainnet was halted on November 10 after keys for its rollup infrastructure were stolen. This was the second such incident in three weeks. According to the latest official update, about $3.27 million in assets was transferred, including $2.16 million still locked on the suspended chain. The attacker did not take any INIT. The team has pledged to make users whole, but restarting the chain will take longer than usual, and there is no timeline yet.
3️⃣ The rally looks more like a short squeeze: while the chain is halted, deposits and withdrawals are unavailable, making it difficult for shorts to buy spot tokens to cover their positions. Coinglass data shows the funding rate briefly hit -1.8% on the 10th, meaning shorts were paying longs, while open interest doubled. Upbit also still lists INIT under its warning review.
4️⃣ Another strong performer is $ONE: currently around $0.00166, up about 20% in 24 hours, after reaching a high of $0.00208. That’s close to a double from its November 5 low of $0.00103, but the project team has made no announcements—it’s a move driven purely by capital flows.
5️⃣ The broader market is weak: $BTC is around $73,800, down about 1% over 24 hours, with capital clearly looking for higher-beta opportunities in smaller coins.
📌 My take: INIT’s move is driven by a market structure where it’s “impossible to dump,” not by positive news. First, watch the area around $0.23 below; it held on two retests today. The previous high at $0.33 is the resistance above. The real risk comes when the chain restarts: once tokens on-chain can move freely, selling pressure could be unleashed all at once. Be very cautious about chasing the rally. For ONE, watch support at $0.0015; if it fails to hold, the gains could easily be given back.
The chain is halted, yet the token is surging—would you chase it, or wait for the restart? Let’s talk in the comments 👇
#INIT #Initia #ONE #Altcoins #币安广场
Personal opinion only; not investment advice
1️⃣ $INIT is currently around $0.31, up about 64% on Binance over the past 24 hours, with an intraday high of $0.332. It was still hovering around $0.13 on November 9, so it’s more than doubled in two days.
2️⃣ The fundamentals tell a different story: Initia’s mainnet was halted on November 10 after keys for its rollup infrastructure were stolen. This was the second such incident in three weeks. According to the latest official update, about $3.27 million in assets was transferred, including $2.16 million still locked on the suspended chain. The attacker did not take any INIT. The team has pledged to make users whole, but restarting the chain will take longer than usual, and there is no timeline yet.
3️⃣ The rally looks more like a short squeeze: while the chain is halted, deposits and withdrawals are unavailable, making it difficult for shorts to buy spot tokens to cover their positions. Coinglass data shows the funding rate briefly hit -1.8% on the 10th, meaning shorts were paying longs, while open interest doubled. Upbit also still lists INIT under its warning review.
4️⃣ Another strong performer is $ONE: currently around $0.00166, up about 20% in 24 hours, after reaching a high of $0.00208. That’s close to a double from its November 5 low of $0.00103, but the project team has made no announcements—it’s a move driven purely by capital flows.
5️⃣ The broader market is weak: $BTC is around $73,800, down about 1% over 24 hours, with capital clearly looking for higher-beta opportunities in smaller coins.
📌 My take: INIT’s move is driven by a market structure where it’s “impossible to dump,” not by positive news. First, watch the area around $0.23 below; it held on two retests today. The previous high at $0.33 is the resistance above. The real risk comes when the chain restarts: once tokens on-chain can move freely, selling pressure could be unleashed all at once. Be very cautious about chasing the rally. For ONE, watch support at $0.0015; if it fails to hold, the gains could easily be given back.
The chain is halted, yet the token is surging—would you chase it, or wait for the restart? Let’s talk in the comments 👇
#INIT #Initia #ONE #Altcoins #币安广场
Personal opinion only; not investment advice