SIREN token plummets 96% after whale sells almost its entire token stock.
- SIREN falls 96% after massive token sell-off.
- Baleia liquidates 94% of SIREN's circulating supply.
- Token meme faces new pressure and strong volatility.
The SIREN token registered one of the most severe drops in the cryptocurrency market in recent days. The asset plummeted from approximately US$1,30 to US$0,05 after a wallet linked to the project's control sold most of its tokens, triggering strong selling pressure and reigniting discussions about supply concentration.
Data shared by on-chain analysts indicates that approximately 670 million SIREN tokens were dumped into the market over 48 hours. This volume represents roughly 92% of the circulating supply. During this process, the responsible wallet reportedly accumulated approximately US$64,8 million in USDT.
Part of these funds, estimated at US$25,7 million, was subsequently transferred to centralized exchanges. Another US$39 million remained on the blockchain. According to researchers who monitored the transactions, the remaining funds were distributed among hundreds of different addresses, making it more complex to track future transactions.
Shit show in crypto continues.SIREN crashed -90% in the last 5 days.
– Wiped out $760 million in market cap
– Liquidated $2.4 million in long positions
– After Top holder sold $7.5M worth of tokens
– Selling is still going strong
– He still holds 595M SIREN tokens (82% of the…— Ash Crypto
The transaction was described by some analysts as a "classic pump-and-dump scheme." At the same time, observers identified approximately 200 million SIREN tokens being sent to wallets associated with major exchanges, including addresses linked to Binance, Gate, and KuCoin.
The market response was immediate. The token's price fell to around US$0,05, accumulating losses of approximately 59% in just 24 hours and almost 96% in the last seven days. As a result, the project's market value dropped to just over US$38 million, far from the valuation achieved during the strong appreciation seen in March.
In addition to the price drop, investor interest also decreased. Trading volume on SIREN shrank by more than 48%, while the derivatives market recorded approximately US$625 million in futures contracts traded in a single day. Settlements totaled approximately US$3,4 million, with more than US$2,7 million related to long positions.
The recent drop extends a series of extreme fluctuations observed since March. After reaching its all-time high of $3,61, the token suffered a correction of nearly 70%. At the time, blockchain researchers warned that a single group of wallets controlled a significant portion of the supply.
Since then, SIREN has experienced several sharp movements. In one episode, the token jumped more than 100% in a few days before giving back a large part of the gains. At another point, it advanced to near US$1,80 and then plummeted to approximately US$0,13.
More recently, on June 8th, the asset once again attracted attention after rising almost 190%, from US$0,45 to US$1,30. However, the movement quickly lost momentum and paved the way for a new sell-off, which took the price to the US$0,05 range and once again highlighted the risks associated with the concentration of tokens in a few wallets.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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