Well, that was a bit of a disaster, wasn’t it? Over the weekend, the SIREN token decided to have a spectacular meltdown, crashing from a rather smug $1.30 to a pathetic $0.05. Why? Oh, just the small matter of its controller selling off roughly 94% of the entire supply. Analysts from Spot On Chain and Lookonchain are tutting.
The sell-off has, rather predictably, reignited concerns that having one entity control pretty much everything might not be the best idea. A risk that, funnily enough, several blockchain investigators had flagged earlier this year. Who knew?
Whale Unloads Hundreds of Millions of Tokens-Just a Casual Weekend
According to data from Spot On Chain’s Hupzy account, the SIREN controller dumped about 670 million tokens over 48 hours. That’s roughly 92% of the circulating supply. The wallet reportedly collected $64.8 million in USDT during this little liquidation spree. Just a normal weekend for some, clearly.
The data also reveals that $25.7 million (still in USDT) was later transferred to several centralized exchanges, while just over $39 million stayed on-chain. Hupzy described the activity as a “textbook pump-and-dump.” Which is a bit like describing a fire as “a bit warm.” They added that the remaining holdings were split across hundreds of addresses, making tracking future movements “much more difficult.” How thoughtful.
Lookonchain reported similar figures and noted that the whale kept on selling after receiving $28 million in one day. Because once you start, why stop? The analytics account also spotted about 200 million SIREN tokens moving to exchange-linked wallets, including addresses associated with Binance, Gate, and KuCoin.
The market reaction was, shall we say, swift. CoinGecko data shows SIREN trading near $0.05, down about 59% in the last 24 hours and nearly 96% over the past seven days. It now has a market cap of just over $38 million. Remember that multi-billion-dollar valuation it briefly touched in March? No? Neither does anyone else.
The price collapse also saw the token’s trading volume plummet by more than 48%. Meanwhile, CoinGlass data shows over $625 million in futures volume, with liquidations reaching $3.4 million-over $2.7 million of that being longs. Ouch.
A Series of Ups and Downs-More Like a Rollercoaster from Hell
Soon after that $3.61 all-time high, SIREN was hit by its first major collapse, tanking by nearly 70%. On-chain investigator ZachXBT and Bubblemaps warned that a single cluster controlled almost half the supply, later linked to wallets connected to DWF Labs. Surprise!
The meme token played a similar trick on holders just days later. First, it jumped by more than 100% on March 26, from $1.02 to $2.08. Then it plummeted 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. Some X users accused Binance of manipulating the asset. As you do.
There was another spike to just under $2, which vanished as suddenly as it appeared, dropping by 65% to about $0.70. Most recently, on June 8, the token (now ranked #583 by market cap) pumped almost 190% from $0.45 to $1.30. From where it has since dumped to $0.05. And that, dear readers, is the story of how to lose money spectacularly.
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2026-06-15 13:00