SIREN bleeds as whale with 94% of supply keeps dumping

A whale controlling the vast majority of SIREN’s token supply sold roughly 17 million tokens through multiple wallets over two hours on Friday, crashing the price from $0.47 to $0.23. The sell-off follows a months-long pattern of manipulation by a single entity that on-chain analysts say controls at least 94% of all SIREN in circulation.

Concentrated supply, repeated crashes

EmberCN, an on-chain analyst, was quick to identify the dump on X, stating that a large portion, about 17 million tokens with a market value of $6.75 million, of SIREN were sold by the SIREN controller through many addresses. As a result, SIREN saw its market price drop by more than half in a few hours.

SIREN investors should be used to watching one person move the token’s market price at will. According to EmberCN, they have been tracking the activity of whales behind SIREN since March, when the token shot up 26 times from $0.08 to $2.10 within a period of six weeks. They noted that there were 48 wallets controlling 66.5% of SIREN’s total supply of 484.6 million tokens. In their latest analysis, EmberCN estimated the number of tokens controlled by the whales to be 88.5%, or 644 million SIREN, worth $1.44 billion.

The trend has always been similar thereafter. The whale tanked SIREN 94%, down from $2 to $0.13 in early April, reported EmberCN on X. Thereafter, a series of wallets pulled out 30.07 million SIREN off Binance Alpha wallets. Come mid-April, the very entity controlled more than 93% of the supply and pushed SIREN up 185% in one day from $0.13 to $2.18.

Siren price is down by more than 82% over the last week. It is trading at $0.136 at the press time.

A textbook pump-and-dump cycle

The initial parabolic rise of SIREN began as the result of a $31.44 million short liquidation that occurred on March 22, which was the largest short liquidation for SIREN ever recorded in its trading history. This forced liquidation led to immediate buy pressure in the derivatives market, thus resulting in an upward movement.

SIREN saw an unusual number of outflows from exchanges totaling around 69 million coins within one day. This was not taken to indicate a steady long-term buildup of the token; rather, it indicated position building in preparation for volatile activity.

Token’s structural instability can be attributed to three key elements: extreme supply concentration, aggressive selling by whales during up-moves, and widespread liquidation in both spot and derivatives trading environments. As price moves become reflexive, in such an environment, rising prices will prompt forced covering, creating higher prices, and early holders will cash out against such liquidity flow.

Prominent blockchain investigator ZachXBT has cited SIREN in broader discussions of tokens displaying a comparable behavior profile, classifying SIREN among tokens such as RAVE, RIVER, and LAB. These tokens have been associated with alleged cases of market-structure manipulation whereby a highly concentrated supply, along with a particular liquidity event, allows for an early holder exit strategy through retail-driven demand cycles.

SIREN has marketed itself as an AI-powered decentralized exchange and trading bot token. However, from the market data aggregators’ perspective, important features such as DEX and AI-based trading mechanisms have not been rolled out yet. This creates a level of speculation because the price performance is no longer connected to actual utility and is more dependent on liquidity cycles.

What to watch

ZachXBT’s on-chain continues to stress on monitoring wallet flows and exchange interactions as key indicators of distribution or accumulation phases, particularly in tokens where liquidity cycles appear concentrated around a few dominant actors.

Volatility in SIREN has repeatedly coincided with abrupt shifts in exchange liquidity, derivatives positioning, and sudden balance movements across large wallets. These dynamics make exchange inflows, funding rate spikes, and open interest changes more relevant than spot price alone when assessing near-term direction. 

With a large portion of circulating supply still reportedly concentrated in a small number of holdings, traders are watching for early signs of redistribution—particularly sustained exchange deposits from large wallets, which have historically preceded major volatility expansions in similar token structures

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