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.
You may also like
Musk on chip production: China's large-scale manufacturing capacity often exceeds the sum of all other regions worldwide
After ChangXin Memory Technologies announced a key breakthrough in DDR5 server memory, the Philadelphia Semiconductor Index in the US stock market fell 2.7% overnight, with shares such as Micron and SK Hynix ADR dropping collectively. Musk commented on this trend, saying that when China figures out the manufacturing method of a product, its ability to scale production often exceeds that of the rest of the world combined, and stated that "China seems to be rapidly conquering" general standard specifications such as LP5 and LP6.
IREN reports $702.6 million net loss despite $4 billion in AI cloud contracts
The current AI frenzy: featuring both "Tech and Internet" and "Real Estate" bubble characteristics, reminiscent of the 2008 global capital cycle
This wave of the AI boom exhibits dual characteristics: On a micro level, the heavy-asset nature of AI data centers is driving the industry toward "real estate-like" debt financing models, such as corporate bonds, private credit, and computing power ABS. On a macro level, nearly $2 trillion in overseas excess savings is flowing into core AI assets in the U.S. stock market through private institutions, reconstructing a transnational capital cycle reminiscent of the period before the 2008 subprime mortgage crisis. With nearly $3 trillion in off-balance sheet debt and rising interest rates, the industry is facing an impending major liquidity test.
AI Trading Faces a "Vulnerable Moment"! Japan and South Korea Stock Markets Experience "Black Tuesday" as SK Hynix, Samsung, and SoftBank Plunge Together
On Tuesday, Asian tech stocks faced a new round of systemic sell-off as the overnight weakness in the US semiconductor sector spread to the Asia-Pacific market. Concerns intensified over increasingly fierce competition due to the technological breakthrough by Chinese memory chip manufacturer ChangXin Memory Technologies, as well as worries about the returns on AI capital expenditure and the overall financing environment.
Crypto prices
More
