SIREN plunges 75% after whale offloads 17 million tokens in two hours

SIREN sank sharply on June 13 after heavy selling hit the market, according to CoinDesk. Onchain analyst EmberCN said a major holder liquidated about 17 million SIREN across multiple addresses in roughly two hours, quickly intensifying sell pressure and driving the token lower. EmberCN added that the sales included around 6.75 million native SIREN tokens. After the selling began, SIREN fell from about $0.47 to $0.23, and losses continued to deepen. At the time of reporting, market data showed an intraday low near $0.126, putting the drawdown at roughly 75% from earlier levels. The move has revived concerns about supply concentration. EmberCN estimated wallets linked to whales control at least 94% of SIREN's total supply, or roughly 680 million tokens. If accurate, a small cluster of addresses would have outsized influence over price action, and liquidity would be more vulnerable to disruption from a single large sell order. Sustained selling from large holders in a short window can overwhelm demand, accelerating declines and reinforcing risk-off sentiment. Derivatives positioning also cooled as leverage came out of the system. CoinGlass data showed SIREN open interest sliding to $28 million during the selloff, down nearly 40%. A simultaneous drop in price and open interest typically points to traders closing longs or reducing exposure rather than building sizeable new short positions, suggesting short-term speculative appetite has faded as the market searches for a new trading range. Similar selloff patterns have appeared across crypto markets in recent weeks. On June 9, SAHARA fell about 55% amid concentrated selling; the team later said it found no security issues with the token contract or products and launched an internal review. EDGE also saw a steep early-June decline, dropping from roughly $1.20 to an intraday low near $0.36. The edgeX team initially pointed to potential external manipulation, but onchain investigator ZachXBT later disputed that account, saying a small number of addresses may have controlled a significant share of circulating supply.