SIREN suffered a dramatic collapse on June 13, losing around 75% of its value after a major holder reportedly sold millions of tokens in a short period of time.
According to on-chain analyst EmberCN, a whale sold approximately 17 million SIREN tokens across multiple wallets within just two hours. The sale included around 6.75 million native siren2 tokens and triggered intense selling pressure across the market.
Before the sell-off began, SIREN was trading near $0.47. The price quickly dropped to around $0.23 and continued falling, eventually reaching a low of about $0.126. The sharp decline made SIREN one of the worst-performing cryptocurrencies of the week.
EmberCN also raised concerns about the token’s ownership structure. According to the analyst, wallets controlled by large holders own roughly 94% of SIREN’s total supply, representing around 680 million tokens. Such a high concentration means a small number of investors can have a major impact on the token’s price.
The panic wasn’t limited to the spot market. Derivatives traders also rushed to reduce their exposure as prices collapsed.
Data from CoinGlass showed that open interest dropped by nearly 40%, falling to around $28 million. This suggests many traders closed their positions or were liquidated as the market moved sharply lower.
The combination of falling prices and declining open interest often signals that traders are exiting the market rather than opening new short positions. As a result, speculative activity cooled significantly during the sell-off.
In comments shared on social media, EmberCN claimed that similar price cycles have occurred several times with SIREN over recent months. The analyst alleged that large holders repeatedly accumulate tokens, benefit from rising prices, and then sell into strength before beginning the process again.
The SIREN crash is not an isolated event. Several other crypto projects have experienced similar collapses in recent weeks.
Earlier this month, SAHARA, the token of Sahara AI, lost more than half of its value after heavy selling pressure pushed the asset close to record lows. The project later stated that there were no security breaches and denied claims that insiders were responsible for the decline.
Another example came from EDGE, which experienced a major sell-off after unusual trading activity triggered market concerns. While the project suggested that outside actors may have attempted to manipulate the market, blockchain investigator ZachXBT argued that a small group of holders controlled much of the circulating supply and called for greater transparency.
The latest SIREN collapse has once again highlighted a common risk in the crypto market: when a large percentage of a token’s supply is concentrated in a few wallets, sudden selling by major holders can create extreme price swings and leave smaller investors exposed to significant losses.
As traders assess the damage, many will be watching closely to see whether SIREN can stabilize at current levels or if further volatility lies ahead.
