SIREN Plunges 70% After Whale Dumps 17M Tokens in Two Hours

SIREN saw a steep selloff after a major holder offloaded about 17 million tokens in roughly two hours, triggering a sharp price drop and renewed focus on the project's highly concentrated ownership. On-chain analyst EmberCN said an entity controlling around 94% of SIREN's circulating supply carried out the sales, worth about $6.75 million at the time. The transactions were spread across multiple addresses and coincided with SIREN sliding from about $0.47 to $0.23. Blockchain tracker Lookonchain reported the same holder has received more than 7.5 million USDT from SIREN sales so far. Even after the disposals, the wallet group still holds about 595.7 million SIREN, valued near $91.86 million at current prices. Lookonchain added that selling continued beyond the initial drop. Separately, researcher 0xNox flagged additional large token movements during the selloff. Around 150 million SIREN were transferred into several wallets that, as of the report, had not shown any selling activity. Market data showed SIREN trading near $0.153 at the time of writing, down 69.52% over 24 hours. Daily volume topped $204.6 million, with market capitalization around $111.3 million. The latest decline extends a months-long pattern of extreme volatility in SIREN, with sharp rallies and abrupt reversals recorded between March and June. Disclaimer: This content is for informational and educational purposes only and does not constitute financial advice. Readers should conduct their own research and exercise caution before taking any action.