Key Takeaways
A single whale sold roughly 670 million SIREN tokens — 92% of the total supply — in 48 hours, collapsing the token's price by more than 95%.
SIREN fell 75% to $0.126 on June 13 after a whale sold 17 million tokens across multiple on-chain addresses, then extended losses to 95% as the same entity dumped 670 million tokens over 48 hours, according to on-chain data.
"The controlling wallet sold approximately 670 million SIREN tokens — roughly 92% of the total circulating supply — in two days, receiving $64.8 million in USDT," on-chain analytics firm Lookonchain posted on June 15.
Of the $64.8 million collected, $25.7 million was deposited to exchanges including Bitget and Bybit for further liquidation, while $39.1 million remained on-chain as of the Lookonchain report. The token's market cap collapsed from a peak of $1.7 billion to roughly $40 million. Trading volume spiked to $191 million amid the panic, and more than $2.4 million in leveraged long positions were wiped out, Coinglass data shows.
The crash exposed the structural vulnerability of low-float tokens where a single entity controls the overwhelming majority of supply. On-chain estimates had placed as much as 94% of SIREN's supply in one wallet before the sell-off began. The token, an artificial-intelligence-themed memecoin on BNB Chain, had surged thousands of percent from an accumulation price near $0.045 before the whale began distributing into retail demand.
SIREN's path forward hinges on whether the whale has fully exited. On June 13, when Lookonchain first flagged the selling, the controlling wallet still held 595.7 million tokens. The June 15 confirmation showed 670 million total dumped — a gap suggesting either the whale held more than initially visible or continued accumulating into the sell-off window. Until an independent on-chain audit from Lookonchain, Bubblemaps, or Spot On Chain confirms the controlling wallet holds near-zero SIREN, the overhead risk of further distribution remains.
The episode follows a familiar pump-and-dump template seen repeatedly across the memecoin sector, where concentrated ownership turns thinly traded tokens into vehicles for sudden, total drawdowns. SIREN now trades between $0.055 and $0.065, a level 98% below its all-time high of $3.61 recorded on March 22.
This article is for informational purposes only and does not constitute investment advice.
