Siren token ($SIREN) fell roughly 75% to $0.126 after a large holder sold about 17 million tokens on June 13, sparking one of the steepest declines observed this week.
Whale Activity Drives Price Collapse
On‑chain analyst EmberCN reported that the whale executed the sell‑off across several addresses within a two‑hour window, moving the price from near $0.47 down to $0.23 before the deeper plunge to $0.126. The transaction bundle included 6.75 million siren2‑native tokens, highlighting the breadth of the liquidation.
Concentrated Token Ownership
EmberCN also noted that wallets controlled by the whale hold at least 94 % of Siren’s circulating supply, roughly 680 million tokens. Such concentration gives a small cohort of investors the power to sway market dynamics and amplify price swings.
Derivatives Market Contracts
CoinGlass data showed open interest in Siren derivatives shrinking by almost 40 % to $28 million as the token’s price fell. The drop indicates that traders unwound leveraged positions rather than initiating new bearish bets, cooling speculative activity across the crypto market.