- SIREN fell over 70% after 17 million tokens were sold in just two hours.
- Despite selling millions, the holder still controls nearly 596M SIREN worth $91.9M.
- Analysts tracked 150M SIREN transfers to new wallets as selling pressure intensified.
SIREN price declined after a series of large token sales by a major holder erased a significant portion of the asset’s value within hours. The selloff sent the token down by more than 70% over a 24-hour period and drew renewed attention to the project’s concentration of ownership.
On-chain data showed millions of tokens being sold across multiple addresses, while market observers tracked additional token movements to wallets that had not yet recorded sales activity. The sudden decline followed several months of volatile trading conditions marked by large inflows and outflows and rapid price swings across the SIREN market.
SIREN Large Holder Sells Millions of Tokens
According to on-chain analyst EmberCN, an entity controlling approximately 94% of SIREN’s circulating supply sold around 17 million tokens over a two-hour period. The tokens were valued at roughly $6.75 million at the time of the transactions.
The sales were executed across multiple addresses and coincided with an immediate price decline from approximately $0.47 to $0.23. The analyst noted that the same wallet group has been associated with previous periods of volatility since February.
Data from the blockchain tracking platform Lookonchain indicated that the holder has received more than 7.5 million USDT from SIREN sales to date. Despite the recent disposals, the address still holds approximately 595.7 million SIREN tokens, valued at about $91.86 million at prevailing market prices. Lookonchain also reported that selling activity remained ongoing after the initial decline.
Additional Token Transfers Draw Attention
While sales were underway, blockchain researcher 0xNox reported that large amounts of SIREN were being transferred to several wallets. The analyst estimated that roughly 150 million tokens had been moved to those addresses.
No corresponding sales activity had been observed from those wallets at the time of the report. The transfers occurred alongside heightened market volatility and increased scrutiny of token movements linked to major holders.
SIREN Extends Pattern of Sharp Price Swings
Recent market data reflected the scale of the latest decline. SIREN traded at approximately $0.153 at the time of reporting, representing a 24-hour loss of 69.52%. The daily trading volume exceeded $204.6 million, while the token’s market capitalization stood at about $111.3 million.
The latest selloff followed months of extreme volatility in the SIREN market. Price data shows the token experienced several sharp rallies and reversals between March and June, with each major advance followed by steep declines.
Related: SIREN Price Prediction: SIREN Crashed 70% in One Candle with 94% Supply in One Wallet
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