SIREN Price Plunges About 75% After Whale Sells 17 Million Tokens

On-chain traces point to a tiny cluster controlling most supply which can magnify selling and trigger forced liquidations.

Overview

SIREN fell roughly 70–75% in a single session as on-chain analysts reported about 17 million tokens moved or sold across multiple wallets on Saturday.
Derivatives open interest dropped sharply to roughly $28–33 million, meaning many leveraged long positions were forced to unwind and amplified the price collapse.
On-chain investigator EmberCN estimated the flagged wallet cluster controls about 94% of SIREN’s 680 million supply, but that motive and coordination are unproven and have not been confirmed by independent sources.
No signs of a protocol hack, delisting, or technical failure have been reported, suggesting the move reflected market structure—concentrated holders and thin liquidity—rather than a project breach.
SIREN is now down roughly 96% from its year-to-date high and market observers say the key signals to watch are renewed inflows to the flagged wallets or continued outflows, either of which would shape near-term volatility and further losses for retail and leveraged traders.