SIREN Token Plunges 95% in a Week as Whale Sales Hammer Price
Summary
- SIREN plunged 95% in a week and has fallen to about $0.06.
- On-chain data show a group of SIREN whales sold about 360 million SIREN over the past day and a half, raising 48.7 million USDT.
- Addresses linked to the group still hold about 319 million tokens, or roughly 44% of the circulating supply, leaving room for further price volatility.
Forecast Trend Report by Period
SIREN has plunged 95% in the past week after large-scale selling by whales battered the token.
On-chain analytics account EmberCN wrote on June 14 that SIREN whales were still selling. The token's price has fallen to about $0.06.
SIREN had climbed to $1.30 just a week earlier. It then collapsed as heavy sell orders flooded the market.
On-chain data show the whale group sold about 360 million SIREN tokens over the past day and a half, raising 48.7 million USDT, or about $48.7 million.
Even after those sales, the group still holds a sizable position. Addresses linked to the whales currently hold about 319 million SIREN tokens, equal to roughly 44% of the circulating supply.
That has fueled concern over more selling. EmberCN added that liquidating a position of that size entirely through the on-chain market is generally difficult. Some of the tokens may have been transferred to other addresses or moved through separate channels, leaving room for further price swings.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.