Siren (SIREN) crash 75% after whale sell 17M tokens
Siren (SIREN) don drop about 75% to around $0.126 after dem say one whale offload 17 million SIREN tokens across plenty on-chain addresses on June 13. On-chain analyst EmberCN talk say the selling pressure push SIREN from around $0.47 to $0.23 before the losses quicken further.
Siren (SIREN) extend the decline to low near $0.126 as spot markets absorb the supply and traders reduce risk. CoinGlass data show open interest drop almost 40% to around $28 million, which fit with leveraged positions dey unwind and long liquidations/position closures instead of new bearish bets being place.
EmberCN also claim heavy concentration: whale-controlled wallets reportedly hold at least 94% of SIREN’s total supply (about 680 million tokens). The analyst say similar cycles fit don happen past months—holders dey accumulate when price strong, then dem sell into rallies, wey trigger sharp drawdowns.
The article join these dynamics to other previous token collapses blame on concentrated ownership and/or unusual selling pressure, like Sahara AI’s SAHARA (down ~55% on June 9) and edgeX/EDGE (tumble earlier in June amid dispute about alleged market activity and supply concentration).
Bearish
Dis news dey bearish because e tie one sharp spot sell-off for SIREN to (1) one particular big holder ("whale") wey sell and (2) derivatives open interest wey comot near 40%, wey plenty time mean forced deleveraging and liquidation-driven cascade. When whales fit move big size for for real and ownership dey concentrated (EmberCN claim say dem get 94% control), rebounds fit fragile: price fit bounce cos demand thin, then dem go sell am again when e strength.
For short term, traders normally go reduce leverage, tighten risk, and avoid longs till volume/flows normal — consistent with OI wey fall as prices dey drop. For similar past "whale dump + OI collapse" cases for altcoins, liquidity fit dry up, volatility go remain high, and downside fit extend reach next liquidity pocket.
For long run, market fit reprice SIREN to lower, "discounted" valuation if concentration risk no clear. Unless SIREN supply distribution improve or supply overhang clear in credible way, the token fit still face headline-driven sell pressure and ongoing liquidity risk.