- SIREN surged 118% after a breakout from low volatility despite no new developments.
- Short liquidations dominated, with $2.91M wiped out over 24 hours driving momentum.
- Whale cluster holds ~88.5% supply as open interest drops 46% and funding stays negative.
SIREN posted a 24-hour rally, climbing to $2.23 and recording a 118.84% gain, even though no new partnerships, product updates, or network developments were identified during the period. The move followed an extended period of low volatility, during which the token traded near $1.00 before a sudden breakout sparked higher market activity.
According to CoinMarketCap price data, SIREN remained largely range-bound earlier in the session, holding near $1.00 before momentum shifted. The token moved from approximately $1.05 to above $1.70 over a short period, reflecting a concentrated wave of buying pressure.
Source: CoinMarketCap
As trading progressed, the upward movement continued, with the price later testing levels above $2.20. It then stabilized slightly below its peak, retaining most of the gains from the surge.
Market metrics aligned with the price movement. SIREN’s market capitalization rose to $1.62 billion, marking a 118.77% increase. At the same time, 24-hour trading volume reached $89.37 million, up 13.77%.
Related: SIREN Soars Toward $3B as One Entity Controls Up to 88% Supply
Liquidations Show Clear Short Imbalance
Simultaneously, liquidation data reflected an imbalance between short and long positions. On Wednesday the 1 hour liquidations reached $183.68K, with $151.61K attributed to short positions and $32.07K to longs.
Source: Coinglass
This pattern remained consistent across longer timeframes. Over the four-hour period, total liquidations totaled $445.27K, including $295.58K in shorts and $149.69K in longs. Over 12 hours, liquidations totaled $2.65 million, with $1.87 million from short positions. Meanwhile, 24-hour liquidations reached $3.85 million, with $2.91 million linked to shorts compared to $940.61K from longs.
Concentrated Holdings and Derivatives Trends Diverge
On-chain data further indicates a highly concentrated ownership structure. Insights shared by EmberCN show that approximately 88.5% of SIREN’s supply is held within a single whale cluster controlling 52 of the top 54 wallets. Notably, 48 of these addresses accumulated tokens within the past day, while the remaining wallets trace back to earlier purchases.
Meanwhile, derivatives data points to a contrasting trend. According to Coinglass, SIREN’s futures open interest has declined by 46% over the past two days. In addition, the funding rate remains negative at -0.069%, indicating that short positions continue to dominate despite the price increase.
Related: Why are AI Tokens Surging Today?
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
