INIT +82% — chain STILL halted, but the team just promised to pay everyone back
$INIT $0.392, +82% in 24h (range $0.19-$0.395, Binance vol $37.9M, total vol $177M). Market cap $80M, rank 296. Snapshot 11 Nov, ~10:16 PKT. Source: Binance + CoinGecko.
What changed since my 01:13 post ($0.297): the hack is BIGGER than first reported — and the team answered with money.
- Cause confirmed: a leaked cloud (GCP) key let attackers forge IBC withdrawals on 9 Nov. About $3.27M reached the attacker address; ~$2.16M more sits frozen on the paused L1. No INIT itself was moved. (Binance News, 11 Nov)
- The fix promise: Initia says it will FULLY replenish affected assets; the Foundation approved funding to restore 1:1 backing of up to 1.08M USDC. (CryptoPotato)
- The chain is STILL halted, with no resume date — recovery will take longer than a routine restart.
- SECOND hack in under 3 weeks (23 Oct: ~$2.7M). The two hacks now total ~$6M.
Price keeps defying the news: 9 Nov +59%, 10 Nov +44%, today +43% so far. 7 days +179%. RSI ~69, price 117% above its 20-day average ($0.18) — extremely stretched. ATH $1.45 (May 2025) is still 73% away.
EXPECTATIONS — from INIT's own history, not a guess (not a guarantee):
After a +30% day, in 5 past episodes the next 10% move went UP first 3 times (60%), DOWN first 2 (40%). BUT in all 5, price was LOWER 7 days later. Momentum is real, holding it has not been.
PLAN: No chasing at $0.39. My add level $0.3319 is broken intraday — it only counts on a DAILY close above it (05:00 PKT). Dip-buy only if that close holds, tiny size, spot only. Invalidation: daily close below $0.3319, then $0.275. Targets: $0.40, then $0.50. Confidence: Low.
#INIT #Initia #Crypto
$INIT $0.392, +82% in 24h (range $0.19-$0.395, Binance vol $37.9M, total vol $177M). Market cap $80M, rank 296. Snapshot 11 Nov, ~10:16 PKT. Source: Binance + CoinGecko.
What changed since my 01:13 post ($0.297): the hack is BIGGER than first reported — and the team answered with money.
- Cause confirmed: a leaked cloud (GCP) key let attackers forge IBC withdrawals on 9 Nov. About $3.27M reached the attacker address; ~$2.16M more sits frozen on the paused L1. No INIT itself was moved. (Binance News, 11 Nov)
- The fix promise: Initia says it will FULLY replenish affected assets; the Foundation approved funding to restore 1:1 backing of up to 1.08M USDC. (CryptoPotato)
- The chain is STILL halted, with no resume date — recovery will take longer than a routine restart.
- SECOND hack in under 3 weeks (23 Oct: ~$2.7M). The two hacks now total ~$6M.
Price keeps defying the news: 9 Nov +59%, 10 Nov +44%, today +43% so far. 7 days +179%. RSI ~69, price 117% above its 20-day average ($0.18) — extremely stretched. ATH $1.45 (May 2025) is still 73% away.
EXPECTATIONS — from INIT's own history, not a guess (not a guarantee):
After a +30% day, in 5 past episodes the next 10% move went UP first 3 times (60%), DOWN first 2 (40%). BUT in all 5, price was LOWER 7 days later. Momentum is real, holding it has not been.
PLAN: No chasing at $0.39. My add level $0.3319 is broken intraday — it only counts on a DAILY close above it (05:00 PKT). Dip-buy only if that close holds, tiny size, spot only. Invalidation: daily close below $0.3319, then $0.275. Targets: $0.40, then $0.50. Confidence: Low.
#INIT #Initia #Crypto