The meme coin SIREN has collapsed approximately 85% in 24 hours after a meteoric rise in March, erasing billions in market value. Analysts had previously warned the project showed signs of being a potential scam, with one alleging insider manipulation. Concerns included a single entity controlling half the supply and its close association with the Binance ecosystem.
The meme coin SIREN has plummeted roughly 85% in a single day. Its valuation crashed from an all-time high near $3.60 to a market capitalization of only around $200 million.
Some analysts had warned the project’s unsustainable run would end this way. Blockchain investigator ZachXBT and analytics platform Bubblemaps had earlier expressed significant concerns.
One analyst, Honey, claimed the price was “completely nuked” and suggested Binance‘s role. The token launched on Binance Alpha and is based on the BNB Chain.
Another X user, Jack TZ, outlined a potential manipulation process involving low-liquidity pumps on the chain. They argued millions could be made from perpetual contract liquidations on the exchange.
The analyst concluded, “That’s a pure money laundering for someone or playing against their own users while having all the insider information.” X user UMER ( THE BULL ) also argued the exchange made millions manipulating the chart.
Bubblemaps had warned a single entity controlled about half of SIREN’s supply. The project’s fundamentals and team details remain largely undisclosed, which is a common red flag.
Such meme coins are primarily driven by hype and are notoriously volatile. The recent collapse demonstrates the extreme risks associated with these assets.
