The SIREN token suffered a devastating collapse over the weekend, crashing from around $1.30 to just $0.05 after a major holder liquidated nearly all of its position.
According to blockchain analysts at Spot On Chain and Lookonchain, the entity behind the sell-off disposed of approximately 94 percent of the token’s total supply, reigniting concerns about the dangers of excessive token concentration.
Massive Token Dump Triggers Panic
Data shared by Spot On Chain analyst Hupzy revealed that the wallet linked to the SIREN controller sold roughly 670 million tokens over a 48 hour period. The amount represented about 92 percent of the token’s circulating supply.
The liquidation reportedly generated approximately $64.8 million in USDT.
Of those proceeds, around $25.7 million in USDT was transferred to multiple centralized exchanges, while more than $39 million remained on chain. Hupzy described the sequence of events as a classic example of a pump and dump scheme.
The analyst further noted that the remaining holdings were distributed across hundreds of wallet addresses after the sales, a tactic that could complicate efforts to monitor future movements.
Lookonchain reported similar findings, stating that the whale continued selling even after securing $28 million in a single day. The analytics platform also tracked nearly 200 million SIREN tokens moving into wallets connected to major exchanges, including Binance, Gate, and KuCoin.
Price and Market Value Collapse
The market reacted swiftly to the heavy selling pressure.
CoinGecko data showed SIREN trading near $0.05, reflecting a decline of roughly 59 percent over the past 24 hours and an astonishing 96 percent loss over the last seven days.
The token’s market capitalization has now fallen to just above $38 million, a dramatic reversal from the multibillion dollar valuation it briefly achieved during its March rally, when it surged to an all time high of $3.61.
Trading activity also deteriorated sharply. CoinGecko reported that daily trading volume dropped by more than 48 percent, while CoinGlass data indicated that SIREN futures generated over $625 million in volume during the same period.
Liquidations reached approximately $3.4 million, with long positions accounting for more than $2.7 million of the total.
A History of Extreme Volatility
The latest collapse is only the newest chapter in SIREN’s turbulent trading history.
Shortly after reaching its record high of $3.61 earlier this year, the token experienced its first major downturn, plunging nearly 70 percent. During that period, blockchain investigator ZachXBT and analytics platform Bubblemaps warned that a single cluster of wallets controlled almost half of the token’s supply. ZachXBT later linked those wallets to addresses associated with DWF Labs.
SIREN continued to subject investors to dramatic swings in the weeks that followed.
On March 26, the token surged more than 100 percent, climbing from $1.02 to $2.08. Just two days later, it crashed over 60 percent to approximately $0.79.
The volatility did not stop there. On March 30, SIREN rallied again, rising to nearly $1.80 before suffering another sharp decline that dragged the price down to around $0.13 in early April. During that period, some users on X accused Binance of influencing the asset’s price movements.
A subsequent rebound pushed the token back toward the $2 mark, but the gains proved short lived as SIREN once again dropped by 65 percent to roughly $0.70.
Most recently, on June 8, the token staged another explosive rally, soaring nearly 190 percent from $0.45 to $1.30. However, that advance has now completely unraveled, with SIREN collapsing to $0.05 and extending its reputation as one of the market’s most volatile and controversial meme tokens.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
