SIREN plunges 70% as whale dumps $6.75M in two hours, analyst says

An entity controlling 94% of the circulating supply of Siren (SIREN) triggered a 70% price crash today by dumping approximately 17 million tokens, worth around $6.75 million at the time, over the past two hours, according to on-chain analyst EmberCN. The analyst noted that the entity used multiple addresses for large-scale market sales, causing the SIREN price to plummet 50% from $0.47 to $0.23 in an instant. EmberCN described SIREN as a clear case of a price-manipulated token, pointing to a recurring pattern where a small portion of the supply is released while the team controls the majority, pumps the price dozens of times, and then dumps on investors. He pointed out that this is the fourth time this pattern has harmed investors in the four months since February. Separately, Lookonchain reported that the whale address identified as the manipulator has received over 7.5 million USDT from SIREN sales to date. The address still holds 595.7 million SIREN, valued at $91.86 million, and is reportedly continuing to sell its holdings.