INIT at $0.12, do you dare to bottom-fish?
Hacked twice in three weeks, L1 completely down, $3.27 million in assets stolen, the team can’t even provide a restart timeline—just now, the price crashed from 0.39 to 0.12, halving 60% in 24 hours. Is this a golden opportunity or a bottomless pit?
First, the surface view: after the crash, some started shouting “bottom-fish.”
From 0.39 down to 0.12, a 70% drop. The candlestick shows: 0.11-0.115 is the recent low, volume expanded then pulled back, RSI climbing back from oversold. Technically it looks like a rebound, but fundamentals are shattered. Do you dare to bet?
First thing: hacked twice in three weeks, this isn’t luck.
On October 23, MoveVM vulnerability caused $2.7 million loss. The team patched and resumed operations in early November.
On November 10, the second hack. Attackers used leaked Google Cloud keys to access the rollup hosting platform, forged IBC withdrawals, and transferred away $3.27 million. L1 has been paused since that day and hasn’t resumed.
Two hacks in three weeks, same project. The first was called an accident, what do you call the second?
More painful: about $2.16 million is still stuck on the paused L1, unrecoverable. The team promises “full reserve replenishment”—where will the money come from? Market cap is only $28 million; filling a $3.27 million hole, you do the math on the ratio.
Second thing: once the pause news broke, whales pumped then dumped, retail got hit from both sides.
On November 10, after the pause announcement, price first surged to above 0.3, even close to 0.4. Why? Some bet “pause is good news, will resume soon.”
Then the second hack was confirmed, network stayed down, price crashed straight to 0.12. 24-hour drop 50-60%, heavy long liquidations, open interest sharply down.
Typical script: vague news period pumps to attract followers, truth lands then dumps to harvest.
Funding rates deeply negative—bears dominate, or longs mostly flushed out. Negative funding means shorts pay, longs get subsidies. But this doesn’t mean bottom-fishing; it means market sentiment is extremely distorted.
Third thing: network is down but the token is still trading, that’s the biggest joke.
You bought a token of an L1. Now L1 is paused, no gas fees, no staking, no governance, no ecosystem.
You didn’t buy a "discounted L1," you bought a lottery ticket for a halted system.
The team promises infrastructure rebuild: isolated environment, least privilege, full reserve replenishment. Sounds good. But the keyword is—"no clear restart timeline yet."
In plain words: no one knows when it will be fixed.
The previous October incident was restored by early November. This time? Recovery is slower than usual. Judge for yourself.
Long-short showdown, you decide
On one side:
0.12 is a relative low after the crash, technical rebound possible
Negative funding rate, fuel for short squeeze rebound exists
Team promises reserve replenishment, no direct INIT loss
Previous recovery experience
Small market cap ($28 million), small buy orders can pump
On the other side:
Two security incidents in three weeks, trust collapsed
L1 paused, no restart timeline
$2.16 million stuck on paused chain
Transparency questionable, slow recovery
Small cap + event-driven, extreme volatility, could halve again anytime
Key levels
Resistance above: 0.13-0.14 → 0.15-0.17 → 0.20+
Support below: 0.11-0.115 (recent low) → 0.10 → lower
Strategy
Most people: wait and see.
Wait for official clear restart timeline + security measures before reassessing. Now is a news vacuum, high volatility, false breakouts can stop you out three times. You don’t need to catch every rebound, you need to survive for the next certainty.
Aggressive short-term (small capital trial):
Hold 0.11-0.12 with volume, light long position, target 0.13-0.145, stop loss below 0.105. Don’t chase highs, wait for pullback confirmation. Position size 1-2% of total capital, leverage under 5x.
Bearish bias:
Break below 0.11 with acceleration, light short, target near 0.10, strict stop loss. Note short costs under negative funding and possible short squeeze rebound—don’t be greedy.
Mid-term:
Only consider more aggressive layout after network recovery, reserve replenishment complete, price stabilizes above 0.15. Before that, defense is more important than offense.
INIT now is like those "hacked small coins" in 2022—
99% think "it’s dropped so much, let’s catch a rebound," but network never recovers, price falls from 0.12 to 0.05.
But conversely—if restart succeeds + reserves replenished + ecosystem restored, 0.12 could be the historical bottom.
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