Siren has plunged about 75% to $0.126 after a large holder reportedly sold 17 million tokens across multiple on-chain addresses, triggering one of the steepest declines seen in the market this week.
Summary
- SIREN crashed about 75% to $0.126 after a whale reportedly sold 17 million tokens across multiple wallets.
- Open interest fell nearly 40% to $28 million as traders unwound positions and reduced leverage.
- The sell-off renewed concerns over token concentration, with analyst EmberCN claiming whales control 94% of SIREN’s supply.
According to on-chain analyst EmberCN, a whale sold roughly 17 million SIREN tokens, including 6.75 million siren2-native tokens, across multiple addresses over a two-hour period on June 13. The analyst said the selling pressure pushed the token from around $0.47 to $0.23 before losses deepened further. Market data later showed SIREN extending the decline to a low of $0.126 at the time of writing.
EmberCN also claimed that whale-controlled wallets hold at least 94% of SIREN’s total supply, equivalent to about 680 million tokens. The analyst argued that concentrated ownership has allowed a small group of holders to exert significant influence over the token’s price movements.
Whale activity coincides with sharp derivatives unwind
While spot markets absorbed the sell-off, derivatives traders rapidly reduced exposure as prices continued to fall.
Data from CoinGlass showed open interest dropping nearly 40% to $28 million during the decline. The contraction occurred alongside falling prices, a combination that typically points to long liquidations and traders closing existing positions rather than opening fresh bearish bets.
With leveraged positions unwound across the market, speculative activity cooled considerably. The reduction in open interest suggested many traders stepped away after SIREN failed to maintain its earlier rally, leaving the market searching for a new price level following the rapid sell-off.
In a June 13 X post, EmberCN described SIREN as a token heavily influenced by large holders and claimed similar trading cycles had occurred several times in recent months. The analyst alleged that major holders repeatedly accumulated tokens, benefited from rising prices, and later sold into strength before the cycle restarted.
“Every time they finish feasting on the shorts, they turn around and feast on the longs: pump it up dozens of times, then smash it back down. Scoop up the chips and roll into the next round…From February to now, that’s 4 rounds of harvesting in 4 months.”
Similar token collapses have emerged across crypto markets
Recent market events show that sudden token crashes tied to concentrated ownership, liquidity concerns, or unexplained selling pressure have become increasingly common across the crypto sector.
As previously reported by crypto.news, Sahara AI’s SAHARA token fell about 55% on June 9 after heavy selling pushed the asset close to its record low. Responding to the decline, Sahara AI said there were no security issues affecting its token contracts or products and launched an internal review.
A subsequent statement from the project rejected speculation that insiders contributed to the sell-off. Sahara AI stated that no team or investor tokens had been sold or moved, while adding that it had not identified the source of the market pressure.
As previously reported by crypto.news, EDGE tumbled earlier in June after edgeX flagged what it described as unusual market activity. The token fell from about $1.20 to an intraday low near $0.36 before recovering part of the decline.
Although edgeX said preliminary findings pointed to attempts by an external party to manipulate the market, on-chain investigator ZachXBT challenged that explanation. He argued that a small group controlled much of EDGE’s circulating supply and called on the project to disclose details about counterparties and market-making arrangements linked to the token.
