SIREN token has crashed more than 97% in two days, plunging from $1.30 to $0.05 after allegations of a textbook pump-and-dump scheme emerged. The token's market cap collapsed to $40.78 million, representing a dramatic fall from its peak valuation of $2.77 billion. Despite the severe decline, SIREN still maintains around 62,050 holders at press time, leaving traders questioning whether the token was facing a temporary collapse or something more serious. The sell-off triggered $624,000 in long liquidations while short liquidations totaled only about $35,000, showing that buyers absorbed the overwhelming majority of forced closures during the decline.
Allegations that SIREN followed a pump-and-dump pattern gained traction after fresh on-chain findings emerged, according to AMBCrypto. A wallet linked to the token's price action sold more than 95% of the total supply, offloading roughly 670 million SIREN across Bybit, Bitget, Binance, KuCoin, and Gate.io. This selling coincided with the drop from about $1.30 to $0.05, wiping out more than 90% of the token's value. The wallet subsequently received over $64 million in USDT and transferred roughly $26 million to other addresses, with about $39 million remaining on-chain and potentially available for future market-moving events.
SIREN lost the crucial $0.435 support level that had previously acted as a foundation for consolidation, with the daily chart showing strong selling pressure from the recent $1.30 rejection zone. As per AMBCrypto, the token is now pushing toward its next major support at $0.053, with RSI weakening significantly to 33.57 and approaching oversold territory. The sell-off triggered dramatic trading activity, with 24-hour volume surging 248.46% to $171 million as reported by AMBCrypto. The token's highly speculative nature is evident in its significant depth across Gate.io, KuCoin, and various decentralized exchanges on BNB Chain.
Despite the severe decline, derivatives traders continued increasing exposure with Open Interest climbing 25.34% to $37.72 million, as reported by AMBCrypto. This divergence suggested fresh positions entered the market while the price moved lower, with the increase in leverage likely reflecting growing speculative activity as traders positioned for further volatility. The Whale vs. Retail Delta fell from 0.23 to 0.076, signaling a sharp decline in large-holder positioning and weakening whale participation. The combination of falling prices and rising Open Interest reinforced the view that sellers maintained control of the market structure, with rising Open Interest during a steep decline often indicating new short positions entering the market rather than aggressive accumulation.
The sell-off pushed SIREN from $1.30 to $0.05, erasing roughly 97% of its market value after the token had rallied from $0.44 to $1.30 before the collapse. The liquidity-to-market-cap ratio stood at 7.96%, suggesting trading activity remained present despite the decline, with the Bollinger Bands continuing to widen and highlighting elevated volatility. However, the Accumulation/Distribution indicator dropped to negative 7.13 billion, suggesting distribution dominated trading activity and aligned with the large-scale selling observed on-chain. At press time, SIREN traded near its all-time low of $0.05, with the same region previously preceding rallies toward $2.77 and $1.97. If buying interest returns and selling pressure subsides, a rebound could emerge from current levels, though further manipulation or liquidity withdrawals could cause the token to lose trading relevance altogether.
