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\n\t\t\t\t\t\t\t\t\tThe whale who dumped the token reportedly walked away with nearly $65 million in USDT, $25 million of which has been moved to exchanges.\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
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.<\/p>\n
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.<\/p>\n
According to data shared by Spot On Chain\u2019s Hupzy account, the SIREN controller 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.<\/p>\n 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 \u201ctextbook pump-and-dump.\u201d 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.<\/p>\n Lookonchain reported similar figures and 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.<\/p>\n 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 hit<\/a> an all-time high of $3.61.<\/p>\n The price collapse also saw the token\u2019s 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.<\/p>\n Soon after the $3.61 ATH mentioned above, SIREN was hit by its first major collapse, 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.<\/p>\n 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\u2019t 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 accusing<\/a> Binance of manipulating the asset.<\/p>\n 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.<\/p>\n LIMITED OFFER for CryptoPotato readers at Bybit: Use this link<\/a> to register and open a $500 FREE position on any coin!<\/b><\/p>\n<\/div>\n<\/div>\nYou may also like:<\/h3>\n
A Series of Ups and Downs<\/h2>\n
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