A single holder of the SIREN token sold off roughly 94% of the total supply over the weekend, sending the price from about $1.30 down to $0.05. The whale collected $64.8 million in USDT during the 48-hour selling spree, with $25.7 million moved to centralized exchanges and another $39 million kept on-chain. The token lost 96% of its value over seven days and dropped 59% in the last 24 hours alone.
The $64.8 million cash-out
On Saturday and Sunday, an address or cluster linked to the token's controller steadily unloaded approximately 670 million tokens. That amount represented nearly the entire circulating supply. The sell pressure overwhelmed demand. Trading volume fell more than 48% even as futures volume topped $625 million. The resulting liquidations hit $3.4 million, more than $2.7 million of that coming from long positions that got wiped out.
The SIREN token now carries a market cap of about $38 million, ranking it 583rd among all cryptocurrencies.
A familiar pattern of pumps and dumps
This wasn't SIREN's first violent ride. In March the token hit an all-time high of $3.61 before crashing nearly 70%. On-chain investigator ZachXBT and the analytics firm Bubblemaps flagged back then that a single cluster controlled almost half the supply, a concentration later linked to market-maker DWF Labs.
Throughout March and April the token went through multiple pump-and-dump cycles. On March 26 it pumped 100% and then dropped 60% two days later. Another spike pushed the price close to $2 before it collapsed to $0.13 in early April. Then on June 8 the token surged 190% from $0.45 to $1.30 — the same peak from which this weekend's dump began.
Warnings that went unheeded
ZachXBT and Bubblemaps had already published their analysis in March, pointing out that a single entity held nearly half the supply. That information was public. The connection to DWF Labs, a firm that provides liquidity and market-making services, was also documented. Despite the warnings, the token continued to attract buyers — possibly drawn by the rapid price moves and the chance to ride another rally.
By the time the weekend sell-off started, anyone who held through the previous cycles was already underwater. The final dump erased whatever value remained for latecomers.
What's left
SIREN is still listed, still trading, but the token's liquidity and the trust of its remaining holders have taken a severe hit. The whale who extracted $64.8 million has not yet moved the $39 million still sitting in on-chain wallets. That unresolved overhang means the price could see further pressure if that stash gets cashed out on an exchange.
