A single whale unloaded roughly 670 million SIREN tokens — 92% of the project's entire supply — over two days, crashing the token's price by more than 95%. The seller cashed out $64.8 million in stablecoins before the market realized what was happening.
Who pulled the trigger
The address behind the dump is unknown. On-chain data shows the wallet began selling early Monday, offloading massive blocks of SIREN across multiple exchanges. By Wednesday morning the token's value had fallen from a brief high near $0.20 to just over a penny. The 670 million tokens represent nearly every SIREN in circulation, leaving almost nothing for other holders to trade.
How the dump played out
Transaction records show the whale swapped SIREN for USDC and USDT, pulling out roughly $64.8 million in stablecoins. The sales were spread across at least a dozen trades, some exceeding 50 million tokens each. Market depth — the buy orders waiting on exchange books — was thin, so each sale pushed the price lower. By the second day, the token was trading at fractions of a cent, and trading volume had collapsed alongside the price.
Anyone still holding SIREN is now sitting on a near-total loss. With 92% of the token supply dumped, the circulating float is tiny and the project's liquidity pool is severely depleted. The token's market capitalization fell from some $70 million to roughly $3 million in 48 hours. There's no indication that the whale has stopped selling, though the rate of dumping slowed after the price hit $0.01.
The incident underscores how a single large holder — a common risk in small-cap crypto projects — can wipe out months of trading in a weekend. SIREN's team has not commented publicly, and there's no known mechanism to recover the lost value. For those who didn't sell, the question is whether any buy-side interest will return once the dust settles.
