SIREN fell sharply after wallet monitor Lookonchain tracked a two-day selloff tied to a dominant whale address.
The whale sold 670 million SIREN, receiving 64.8 million USDT from the trades. That token amount is equal to roughly 92% of CoinGecko’s listed circulating supply of about 725 million SIREN, underscoring how concentrated the market had become before the latest collapse.
Live market data placed SIREN near $0.057, down about 56% over 24 hours and more than 95% over seven days. CoinGecko listed the token’s market capitalization near $40.8 million, with 24-hour trading volume above $91 million as volatility remained elevated.
The move was far steeper than the broader crypto market. Bitcoin was trading near the mid-$60,000 area during the same period, with the wider market showing far smaller percentage moves than SIREN’s collapse.
USDT Proceeds Split Between Exchanges And Wallets
Lookonchain’s tracking showed that 25.7 million USDT from the whale’s proceeds had been deposited to exchanges. Another 39.1 million USDT remained on-chain at the time of the update.
Exchange deposits do not confirm that every dollar has already been sold further, but they show a large portion of realized proceeds moving into trading infrastructure. The remaining on-chain balance also keeps attention on whether the wallet rotates funds, continues selling related positions, or leaves the proceeds idle.
SIREN had already shown extreme instability before the latest update. CoinGecko’s historical data listed the token near $0.575 on June 11 and around $0.481 on June 12 before the market slid toward the $0.05 area by June 14 and June 15.
Supply Concentration Stays In Focus
The whale sale puts SIREN’s supply structure at the center of the story. When one holder can sell hundreds of millions of tokens across a short window, spot liquidity can collapse quickly, spreads can widen, and leveraged traders can be forced out as prices move against them.
The selloff also keeps attention on derivatives exposure. Recent crypto markets have shown how quickly open interest can unwind when crowded trades reverse, especially when spot selling hits thin books during high-volatility periods.
SIREN’s latest visible figures now leave the market with two concrete numbers to watch: 25.7 million USDT already sent to exchanges and 39.1 million USDT still sitting on-chain after the whale’s 670 million-token exit.
