Over the weekend, the SIREN cryptocurrency collapsed by over 95% after its controller sold an estimated 94% of the circulating supply, reportedly walking away with nearly $65 million. The sell-off, described by analysts as a “textbook pump-and-dump,” reignited concerns about excessive concentration of token ownership and led to millions in trader liquidations.
The SIREN token collapsed from around $1.30 to $0.05 over the weekend after its controller sold roughly 94% of the supply. This sell-off confirmed warnings that a single entity held too much control over the BNB Chain-based asset.
According to data shared by analysts, the controller dumped approximately 670 million tokens over 48 hours. The wallet reportedly collected $64.8 million in USDT during the liquidation, with $25.7 million later transferred to centralized exchanges.
Analysts at Spot On Chain described the activity as a “textbook pump-and-dump.” They noted the remaining holdings were split across hundreds of addresses, a pattern that could make tracking future movements more difficult.
Lookonchain reported similar figures and observed around 200 million SIREN tokens moving to exchange-linked wallets. The market reaction was swift, with the token’s market cap falling to just over $38 million.
Data from CoinGlass showed over $625 million in futures volume and $3.4 million in liquidations following the price crash. This collapse echoed earlier volatility, including a 70% drop in March after warnings from investigators like ZachXBT.
SIREN had briefly touched an all-time high of $3.61 during a rally that month. The token has experienced multiple extreme pumps and dumps, including a near 190% spike on June 8 before its final plunge to $0.05.
