SIREN bleeds as whale with 94% of supply keeps dumping

* A whale dumped around 17 million SIREN tokens in two hours, sending the price from $0.47 to $0.23. Analysts estimate a single entity controls up to 94% of the token supply. * SIREN has experienced repeated boom-and-bust cycles since March, with whale-controlled wallets driving sharp rallies and crashes. * On-chain investigators have described the token’s behavior as resembling a textbook pump-and-dump pattern fueled by concentrated ownership and liquidation-driven price swings. **A whale controlling the vast majority of SIREN’s token supply sold roughly 17 million tokens through multiple wallets over two hours on Friday, crashing the price from $0.47 to $0.23. The sell-off follows a months-long pattern of manipulation by a single entity that on-chain analysts say controls at least 94% of all SIREN in circulation.** EmberCN, an on-chain analyst, was quick to[identify the dump on X](https://x.com/EmberCN/status/2065656143238807682), stating that a large portion, about 17 million tokens with a market value of $6.75 million, of SIREN were sold by the SIREN controller through many addresses. As a result, SIREN saw its market price drop by more than half in a few hours. According to EmberCN, they have been tracking the activity of whales behind SIREN since March, when the token shot up 26 times from $0.08 to $2.10 within a period of six weeks. They noted that there were 48 wallets controlling 66.5% of SIREN’s total supply of 484.6 million tokens. In their latest analysis, EmberCN estimated the number of tokens controlled by the whales to be 88.5%, or 644 million SIREN, worth $1.44 billion.