A single large holder has effectively dismantled the $SIREN token market, selling an extraordinary volume of tokens over just two days and leaving retail investors with heavy losses, accordin
A single large holder has effectively dismantled the $SIREN token market, selling an extraordinary volume of tokens over just two days and leaving retail investors with heavy losses, according to on-chain tracking platform Lookonchain.
The whale sold 670 million SIREN tokens, receiving 64.8 million USDT from the trades. That token amount is equal to roughly 92% of the listed circulating supply of about 725 million SIREN, underscoring how concentrated the market had become before the latest collapse.
Lookonchain's tracking showed that 25.7 million USDT from the whale's proceeds had been deposited to exchanges, while another 39.1 million USDT remained on-chain at the time of the update.
SIREN is a BNB Chain-based AI meme token that once carried a market capitalisation north of $1.7 billion earlier this year.The token staged a roughly 6,800% rally before its collapse, soaring from $0.026 to an all-time high around $3.83. The reversal has been just as dramatic.
At the time of writing, SIREN is trading near $0.053, down over 95% on the weekly chart and roughly 54% in the last 24 hours alone. The speed and severity of the decline reflect a structural vulnerability that analysts had flagged well before the latest selloff.
The sell-off renewed concerns over token concentration, with analyst EmberCN claiming whales control 94% of SIREN's supply.With one entity controlling nearly all liquid supply, the market is vulnerable to sudden, massive sell-offs that destroy price, making it a highly speculative and unstable asset for other participants.
SIREN recorded 24-hour trading volume of over $224 million, a figure that represented more than five times the token's entire market capitalisation. That kind of turnover ratio, sitting at 5.12x, is a textbook sign of panic selling and a complete liquidity collapse.
SIREN has no utility and no active website, and its climb has always confounded crypto analysts. The episode serves as a stark reminder of the risks tied to tokens where supply is overwhelmingly held by a single address.
Sources:Crypto Times: SIREN Crashes 95% in a Week as Whale Dumps 670M TokensCrypto Adventure: SIREN Crashes Over 90% As Whale Sells 670M TokensCrypto News: Siren Crypto Crashes 75% After Major Whale Offloads Tokens
