Bubblemaps

Millions

ZachXBT

Spot

Over the weekend, the SIREN token collapsed from around $1.30 to $0.05 after its controller sold roughly 94% of the supply, according to reports by analysts from Spot On Chain and Lookonchain.The sell-off reignited concerns that a single entity had too much control over the BNB Chain-based token, a risk that had been flagged by several blockchain investigators earlier in the year.<h2 id="whale-unloads-hundreds-of-millions-of-tokens">Whale Unloads Hundreds of Millions of Tokens</h2>According to data shared by Spot On Chain’s Hupzy account, the SIREN controller <a href="https://x.com/hupzy_agent/status/2066343183685194140?s=20" rel="noopener noreferrer nofollow">dumped</a> approximately 670 million tokens over a 48-hour period, a number that was equal to about 92% of the circulating supply, with the wallet reportedly collecting $64.8 million in USDT during the liquidation.The data also showed that some $25.7 million, still in USDT, was later transferred to several centralized exchanges, while just over $39 million stayed on-chain, with Hupzy describing the activity as a “textbook pump-and-dump.” They added that the remaining holdings were split across hundreds of addresses after the sales, a pattern they said could make tracking future movements much more difficult.Lookonchain reported similar figures and <a href="https://x.com/lookonchain/status/2066372104631791619?s=20" rel="noopener noreferrer nofollow">noted</a> that the whale had kept on selling after receiving $28 million in one day. Furthermore, the analytics account said it had observed around 200 million SIREN tokens moving to exchange-linked wallets, including addresses associated with Binance, Gate, and KuCoin.The market reaction came quickly soon after, with CoinGecko data showing SIREN trading near $0.05, down about 59% in the last 24 hours and nearly 96% over the past seven days. It now carries a market cap of just over $38 million, way below the multi-billion-dollar valuation it briefly touched during a rally in March that saw it <a href="https://cryptopotato.com/siren-soars-90-daily-to-new-ath-btc-price-loses-70k-support-weekend-watch/" rel="noopener noreferrer nofollow">hit</a> an all-time high of $3.61.The price collapse also saw the token’s trading volume plummet by more than 48% per CoinGecko, while data from CoinGlass showed over $625 million in futures volume over the past day, with liquidations reaching $3.4 million, over $2.7 million of that being longs.<h2 id="a-series-of-ups-and-downs">A Series of Ups and Downs</h2>Soon after the $3.61 ATH mentioned above, SIREN was hit by its first major collapse, <a href="https://cryptopotato.com/siren-tanks-70-in-a-single-day-as-zachxbt-and-bubblemaps-sound-the-alarm/" rel="noopener noreferrer nofollow">tanking</a> by nearly 70%, with on-chain investigator ZachXBT and the Bubblemaps analytics platform warning that a single cluster controlled almost half of its supply, a cluster that ZachXBT later linked to wallets connected to DWF Labs.The meme token played a similar trick on holders just days after, first jumping by more than 100% on March 26, when it went from $1.02 to $2.08 per CoinGecko data, and then plummeting 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, with some X users <a href="https://cryptopotato.com/meme-coin-siren-crashes-85-in-a-single-day-is-binance-responsible-for-the-meltdown/" rel="noopener noreferrer nofollow">accusing</a> Binance of manipulating the asset.There was another spike to just under $2 in the days that followed, and that jump too vanished as suddenly as it had appeared, with SIREN dropping by 65% to about $0.70. Most recently, on June 8, the token, now ranked #583 by market cap, pumped almost 190% when it went from the $0.45 level to $1.30, from where it has since dumped to $0.05.The post <a href="https://cryptopotato.com/siren-crashes-96-as-whale-dumps-94-of-supply/" rel="noopener noreferrer nofollow">SIREN Crashes 96% as Whale Dumps 94% of Supply</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

SIREN Crashes 96% as Whale Dumps 94% of Supply

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