Siren (SIREN), a Binance-based memecoin, has plunged by over 62% in the past two days, trading near $0.875. Its market capitalization collapsed from $1.8 billion to approximately $637 million in 24 hours, with trading volume falling to $90.9 million. Analysts point to a bearish broader market, extreme token concentration, and a key technical breakdown as driving the sell-off.
The memecoin Siren (SIREN) has experienced a dramatic 62% price drop over two trading days, erasing significant market value. This sharp decline follows a broader sell-off in the cryptocurrency sector attributed to bearish sentiment from geopolitical tensions. Meanwhile, its trading volume also declined 14.81% to $90.87 million, suggesting hesitancy among market participants.
A critical factor in the downturn is the token’s highly concentrated supply. According to Arkham Intelligence, a single entity now holds approximately 88% of the circulating supply. This concentration significantly increases the risk of price manipulation for the asset.
Technically, SIREN turned bearish after losing a key support level at $0.9952, which it had held since March 22. If the token closes below this level, analysis suggests it could continue its downtrend toward the next support at $0.78. The Average Directional Index (ADX) reading of 53.65 indicated strong directional momentum for the memecoin.
Derivatives data from Coinglass confirms the bearish pressure, with $2.94 million in total liquidations over 24 hours. Of that total, $1.96 million were long positions liquidated compared to $983,000 in short positions. Traders are continuing to eye short-leveraged positions, with $1.79 million in short exposure compared to $891,000 in long positions at key levels.
