Siren (SIREN) token suffered a 67.09% drop to $0.1620 within 24 hours as panic selling swept the crypto market.
Trading Volume Surge
During the sell‑off, 24‑hour trading volume surged 248.46% to approximately $171 million, indicating a flood of market participation. The heightened activity stemmed from investors rushing to exit positions rather than renewed buying interest, pushing the price down to levels unseen since the token’s earlier consolidation phase.
Derivatives Market and Open Interest
Despite the steep price decline, open interest on Siren derivatives climbed 25.34% to roughly $37.72 million. This rise reflects speculative traders, likely short‑position holders, adding exposure as the market turned bearish, rather than signaling confidence in a rebound.
Investor Losses and Liquidations
Liquidation data revealed that long‑position holders bore the majority of the losses, confirming a one‑sided liquidation wave. The combination of falling price, soaring volume, and expanding open interest underscores that sellers dominate the current market structure for the Siren blockchain asset.