SIREN fell over 70% in a day to around $0.14, with analyst EmberCN attributing the drop to whales that appear to control most supply.
Key Takeaways
- SIREN fell over 70% on the day to around $0.14, per TradingView data.
- X user EmberCN estimates whales hold at least 94% of SIREN’s 680 million supply.
- EmberCN flagged about 17 million tokens (~$6.75M) moving across addresses during the drop.
- Open interest fell from a ~$98M June 8 peak to near $33M as price broke.
SIREN has fallen more than 70% in a single day according to TradingView data, dropping to around $0.14 in one of the sharpest unwinds in the current market. The token is now down roughly 96% from its year-to-date high, and on-chain data points toward the same factor that has shaped its previous moves: the wallets that appear to control most of the supply.
The Drop in Numbers
On the daily chart, SIREN fell about 70% in one candle, sliding from the mid-$0.40s to $0.14 after six consecutive down days. The token has now given back nearly its entire run, with market capitalization falling from roughly $1.7 billion at its peak to near $100 million. The 50-day moving average sits far overhead around $0.70, and RSI has dropped to 33.85 from a reading near 80 during the early-June spike.
The derivatives data adds context to the move. According to Coinglass, SIREN’s open interest climbed from roughly $25 million in late May to a peak near $98 million on June 8, the same day price topped, then fell back toward $33 million as the token broke down.
That arc shows leveraged positions building into the rally and unwinding on the way down, with long liquidations adding fuel to the decline. The pattern fits a move driven by a combination of spot selling and the forced exit of leveraged longs chasing the top, rather than a single fundamental shock.
What Might Be Happening Behind the Drop
Based on the on-chain footprint, the move looks more like concentrated holder distribution than a reaction to any project-specific news. The clearest articulation of this view came from on-chain analyst EmberCN, who wrote on X, in a post translated from Chinese, that SIREN’s whales had been “aggressively dumping” roughly 17 million tokens, worth about $6.75 million, across multiple addresses as the price broke. EmberCN estimates this cluster controls at least 94% of SIREN’s 680 million total supply, and points to an Arkham address collection tracking the associated wallets. When a small number of related wallets appear to hold most of an asset, the order book can be heavily influenced by their decisions alone.
[SIREN 控盘者] 在过去 2 小时里密集通过多个地址在链上抛售了约 1700 万枚 siren-2:native (675 万)，致使 SIREN 暴跌了 50%+ ($0.47→$0.23)。
SIREN 这个币，庄家是绝对控盘的，他们控制着至少 94% 总量 (6.8 亿枚) 的币。
所以这 K… https://t.co/fSrGTLsIS7 pic.twitter.com/gpyrdDX7jx— 余烬 (@EmberCN) June 13, 2026
The pattern EmberCN describes is one the market has seen across many concentrated tokens. Large holders accumulate cheap supply during a quiet base, price then climbs many multiples on thin liquidity, drawing in retail buyers and leveraged longs, and near the top that demand could be met with heavy selling that drives price sharply lower. In EmberCN’s framing, the wallets feast first on shorts and then on longs, pumping price before smashing it back down and accumulating again for the next round. By their count, this would mark roughly the fourth such cycle since February.
If that reading is accurate, the move might reflect the structural behavior of an asset where a few parties hold most of the float, rather than a failure of the token itself. This remains a hypothesis drawn from on-chain observation and apparent supply concentration, not a confirmed account of any actor’s intent, and Coindoo could not independently verify the wallet figures.
The Counter-Argument
A fairer reading would note that extreme volatility in a thinly traded meme token does not require coordination to explain. SIREN markets itself around an AI trading-agent narrative, and tokens riding hot narratives routinely swing violently on sentiment alone as momentum traders pile in and exit. Concentrated supply can amplify ordinary profit-taking without implying any single orchestrated scheme, and no protocol hack, delisting, or project failure has been tied to this specific drop. The concentration data is verifiable on-chain; the motivation behind the selling is inferred, and reasonable observers could attribute the same chart to crowd behavior rather than a coordinated effort.
What to Watch
Two measurable signals could help clarify which reading holds. A sharp recovery on thin volume in the coming days, the kind of bounce that has followed prior SIREN drops, would fit the cyclical interpretation and might precede further selling. Continued bleeding without a bounce could instead suggest large holders have finished exiting rather than resetting. On-chain, any renewed inflow to the flagged address cluster would be among the clearer signals that accumulation for another cycle might be underway. Until then, SIREN remains what its structure makes it: an asset whose price closely reflects the decisions of the few wallets that appear to hold most of it, rather than a broad market.
This article is for informational purposes only and does not constitute financial advice. Consult a professional before making
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