The SIREN token suffered a catastrophic decline on June 13, plunging roughly 75% to a low of $0.126 after a large holder or coordinated group of wallets offloaded approximately 17 million tokens across multiple on-chain addresses within two hours. The sell-off intensified through the day, with the price sliding from around $0.47 to $0.23 before extending losses as low as $0.126. At the time of writing, SIREN was trading near $0.14, marking a 96% drop from its year-to-date high and wiping out nearly its entire market capitalization, which collapsed from a peak of about $1.7 billion to near $100 million.
On-chain analyst EmberCN highlighted that whale-controlled wallets hold at least 94% of SIREN's total supply of 680 million tokens. The analyst claimed the concentrated ownership allows a small group to systematically influence price, describing a recurring pattern in which these holders accumulate tokens, pump the price, and then dump on retail and leveraged traders. EmberCN suggested this was the fourth such cycle since February, with earlier rounds showing similar accumulation and distribution behavior.
Derivatives data from CoinGlass revealed a sharp unwinding of leveraged positions. Open interest, which had ballooned to nearly $98 million on June 8 as price topped, collapsed to about $33 million as the token broke down. This decline, coupled with falling prices, indicated forced long liquidations and mass position closures, adding fuel to the downward spiral. The RSI on the daily chart fell to 33.85 from an overbought reading near 80 during early June, signaling a rapid shift from bullish to bearish momentum.
While EmberCN’s on-chain analysis points to deliberate distribution by a few dominant holders, the project team hasn’t confirmed any malfeasance. The token markets itself around an AI trading-agent narrative, and some observers argue the extreme volatility is consistent with a thinly traded meme token where concentrated supply amplifies ordinary profit-taking. No protocol exploit, delisting, or project failure has been linked to the event. However, the on-chain footprint of a small cluster controlling nearly all tokens renews concerns about deep liquidity fragility in assets with highly centralized ownership.
