Whale Dumps 92% of SIREN Supply, Token Plunges 95%

A single wallet sold about 670 million SIREN tokens-roughly 92% of the coin’s total supply-over two days and received 64.8 million USDT. The sales pushed SIREN’s price down more than 95% and reduced its market capitalization from about $1.7 billion to roughly $102 million.

On-chain records show the seller received 64.8 million USDT, a dollar-pegged stablecoin. Of that amount, 25.7 million USDT was transferred to exchange wallets, including Bitget, while 39.1 million USDT remained on-chain.

Blockchain investigators had flagged extreme concentration of SIREN tokens before the liquidation, with some estimates indicating a single address controlled as much as 94% of supply. The concentrated holdings left little order-book depth to absorb large sales.

The steepest decline occurred on June 13, when SIREN fell about 75% in 24 hours to roughly $0.126. Overall trading volume rose to about $191 million during the sell-off.

The liquidation triggered more than $2.4 million in long liquidations of leveraged positions. Forced liquidations and automated margin calls removed additional bid-side liquidity during the panic.

SIREN is an artificial-intelligence-themed memecoin that had surged thousands of percent earlier in the year. Its market valuation moved from near $1.7 billion at the peak to about $102 million after the wallet’s sales, a decline of nearly 96% from the year-to-date high.

The last on-chain update showed 39.1 million USDT remaining on-chain. Market participants are watching for any transfers of those funds to exchange wallets and subsequent trading activity.