The SIREN token has lost about 95% of its value in a week after a single whale sold roughly 670 million tokens, near 92% of the total supply, for $64.8 million. The sell-off traced to one dominant wallet draining its position into a thin market.

On-chain intelligence platform Lookonchain first flagged the unwind over the weekend, reporting that the dominant SIREN wallet had taken in 28 million Tether (USDT) from token sales over a 24-hour window. Of that, 25.7 million USDT had already moved to the exchanges Bitget and Bybit, and the wallet still held 478 million SIREN. “The dump isn’t over yet,” the firm wrote. A day later, Lookonchain put the full tally at 670 million tokens, about 92% of the total supply, sold across two days for 64.8 million USDT. Of the proceeds, 25.7 million USDT had moved to exchanges and 39.1 million USDT remained on-chain.

SIREN traded near $0.0562, down about 34% on the day and roughly 95% over the week, per CoinGecko. Its market capitalization has fallen to about $40.9 million. The token reached an all-time high of $3.61 on March 22, putting it down more than 98% from that peak.

A market controlled by one wallet

SIREN is a BNB Chain meme token launched through the Four.meme platform under the SirenAI branding, per CoinGecko. It carries the trappings of an AI trading-agent project, but trading activity has centered on speculation rather than any live product.

On-chain analyst EmberCN put the controller’s holdings at roughly 94% of total supply, or about 680 million SIREN, sold across two days for about 64.8 million USDT. EmberCN tracked the price falling from about $1.30 to $0.05 over the move, with roughly 200 million tokens flowing to Binance Wallet, Gate and KuCoin and the rest absorbed by hundreds of addresses buying below $0.10.

The token has run hot before. After its March peak it gave back most of those gains, and a later rally carried it back above $1 ahead of the current distribution, per CoinGecko price data.

A liquidity event of its own making

The collapse ran against a rising broader market, with the total crypto market capitalization near $2.36 trillion and up on the day, per CoinGecko. That left the SIREN drawdown without a macroeconomic, regulatory, or security trigger, a contrast to the breach-driven losses that pushed Q2 to a record for DeFi exploits.

SIREN’s 24-hour trading volume topped $51 million even as the price fell, per CoinGecko, a turnover heavy relative to its shrunken market cap and consistent with forced and panic selling. After the unwind, the controller still held about 39.1 million USDT on-chain, leaving open the question of whether further deposits to exchanges will push the price lower.