SIREN Crashes 96% as Whale Dumps 94% of Supply

The whale who dumped the token reportedly walked away with nearly $65 million in USDT, $25 million of which has been moved to exchanges.

Over the weekend, the SIREN token collapsed from around $1.30 to $0.05 after its controller sold roughly 94% of the supply, according to reports by analysts from Spot On Chain and Lookonchain.

The sell-off reignited concerns that a single entity had too much control over the BNB Chain-based token, a risk that had been flagged by several blockchain investigators earlier in the year.

Whale Unloads Hundreds of Millions of Tokens

According to data shared by Spot On Chain’s Hupzy account, the SIREN controller dumped approximately 670 million tokens over a 48-hour period, a number that was equal to about 92% of the circulating supply, with the wallet reportedly collecting $64.8 million in USDT during the liquidation.

The data also showed that some $25.7 million, still in USDT, was later transferred to several centralized exchanges, while just over $39 million stayed on-chain, with Hupzy describing the activity as a “textbook pump-and-dump.” They added that the remaining holdings were split across hundreds of addresses after the sales, a pattern they said could make tracking future movements much more difficult.

Lookonchain reported similar figures and noted that the whale had kept on selling after receiving $28 million in one day. Furthermore, the analytics account said it had observed around 200 million SIREN tokens moving to exchange-linked wallets, including addresses associated with Binance, Gate, and KuCoin.

The market reaction came quickly soon after, with CoinGecko data showing SIREN trading near $0.05, down about 59% in the last 24 hours and nearly 96% over the past seven days. It now carries a market cap of just over $38 million, way below the multi-billion-dollar valuation it briefly touched during a rally in March that saw it hit an all-time high of $3.61.

The price collapse also saw the token’s trading volume plummet by more than 48% per CoinGecko, while data from CoinGlass showed over $625 million in futures volume over the past day, with liquidations reaching $3.4 million, over $2.7 million of that being longs.

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A Series of Ups and Downs

Soon after the $3.61 ATH mentioned above, SIREN was hit by its first major collapse, tanking by nearly 70%, with on-chain investigator ZachXBT and the Bubblemaps analytics platform warning that a single cluster controlled almost half of its supply, a cluster that ZachXBT later linked to wallets connected to DWF Labs.

The meme token played a similar trick on holders just days after, first jumping by more than 100% on March 26, when it went from $1.02 to $2.08 per CoinGecko data, and then plummeting over 60% to about $0.79 on March 28. As if that wasn’t enough, it teased the market again on March 30, skyrocketing to just under $1.80, but before holders could count their profits, it recorded its worst dip yet, going all the way down to $0.13 in early April, with some X users accusing Binance of manipulating the asset.

There was another spike to just under $2 in the days that followed, and that jump too vanished as suddenly as it had appeared, with SIREN dropping by 65% to about $0.70. Most recently, on June 8, the token, now ranked #583 by market cap, pumped almost 190% when it went from the $0.45 level to $1.30, from where it has since dumped to $0.05.