Why did INIT crash 15 points today? Let's talk briefly.
Brothers, today's plunge of INIT really hurts! It was going well following the market's fluctuations, but suddenly a big bearish candle directly broke through the support level, causing a massive liquidation across the network. I dug into the on-chain data and news and roughly figured out a few key reasons:
The mass exit of big investors has caused panic.
At 3 AM, a mysterious wallet transferred 80 million INIT to exchanges in one go. On-chain monitoring showed that the top 10 addresses had reduced their holdings by 12% in the past 24 hours. This is clearly big investors sensing risk in advance, leading the sell-off and triggering follow-up selling.
US tech stocks are dragging down the crypto market's sentiment.
Last night, Intel's stock price plummeted by 26%, and AMD's market value directly crushed its old rival, causing tech stocks to dive and making the crypto market feel weak as well. As an AI concept coin, INIT's manipulators took the opportunity to wash the market, burying the long positions.
The project party's actions are self-destructive.
The cross-chain bridge that was supposed to launch at the end of the month was suddenly delayed, and the community administrator confronted users in the Telegram group saying 'If you want to sell, just sell.' This kind of irresponsible attitude directly broke down retail investors' defenses. Additionally, some people revealed that the team address secretly dumped their holdings, leading to a collapse of trust and triggering a stampede.
How to operate in the future? Remember these three points.
Don't rush to catch the bottom: now the daily support has been broken, and around 0.8000 is a critical line; it must stabilize before considering lightly buying the falling knife.
Keep a close eye on Bitcoin: if BTC breaks below 100,000 today, altcoins will also collectively suffer, and INIT may drop another 10%.
Beware of the doge manipulator's tricks: after a sharp drop, there is a high probability of a false rebound to lure in buyers; breaking 0.9000 is safer to chase.
In short, during such sudden crashes, it's better to miss out than to hold on stubbornly! Especially for those in contracts, if your margin is insufficient, reduce your positions quickly. As long as you keep the green mountains, you won't fear a lack of firewood. Once this wave of panic is digested, if the cross-chain bridge really materializes at the end of the month, there might be surprises.
If you want to delve deep into the crypto world but can't find a direction, and want to quickly understand the information gap, click on my profile picture to follow my introduction and gain first-hand information and in-depth analysis!$INIT #山寨季何时到来？
