SIREN, a BNB Chain-based AI meme token, has plunged again after already collapsing from earlier highs, with the latest selloff driving the asset to levels near fresh multi-month lows. Data from the on-chain tracking accounts cited by market participants shows the token has lost about 98% from its all-time high of $3.61 on March 22, 2026, and is trading around $0.058—underscoring how concentration of supply and coordinated distribution have dominated price action.
According to on-chain analytics firms Spot On Chain and Lookonchain, the immediate catalyst for the most recent leg down was a large, coordinated token dump associated with a whale wallet that moved hundreds of millions of SIREN tokens over a two-day window, pushing liquidity deeper into price discovery and intensifying liquidation pressure in derivatives markets.
Key takeaways
- Price move: SIREN has fallen roughly 98% from its all-time high of $3.61 and is trading near $0.058 after a sharp break lower.
- Catalyst: An on-chain-documented whale selloff moved about 670 million tokens over 48 hours, with a portion routed to centralised exchanges.
- Market impact: Derivatives data cited in the report pointed to heavy futures activity and liquidations as open interest fell nearly 40%.
- Implication: Until buying can absorb supply and establish higher lows, the token remains vulnerable to further distribution from large holders.
What drove SIREN’s latest collapse
The latest decline was triggered by a coordinated selloff tracked by Spot On Chain and Lookonchain. The firms reported that a single wallet dumped approximately 670 million SIREN tokens over a 48-hour period, generating about $64.8 million in USDT before the transfers concluded.
According to the same accounts, roughly $25.7 million of that USDT was transferred to centralised exchanges, while the remainder was distributed across on-chain wallets—an arrangement that can keep market pressure elevated because tokens may continue to reach sell venues over time.
The scale of the operation was a key factor. Lookonchain-style tracking cited in the article said the 670 million token amount represented about 92% of tokens in active circulation at the time. That concentration of selling demand helped drive a rapid price drop—from around $1.30 to near $0.05—after which the asset continued to unwind sharply over days, reflecting how thin liquidity can amplify large transfers into steep declines.
Derivatives signals pointed to forced selling
Beyond the spot market, derivatives activity suggested the selloff quickly turned into a broader risk unwind. The report cited CoinGlass data showing over $625 million in futures volume during a single day amid the crash, alongside $3.4 million in liquidations, including more than $2.7 million tied to long positions. It also said open interest fell nearly 40% to $28 million as traders reduced exposure.
Volume dynamics highlighted in the article added to concerns about market structure. It noted that SIREN’s 24-hour trading volume at one point exceeded $224 million while the token’s value was far below that level, producing a turnover ratio above 5x. Arkham Intelligence flagged this as consistent with a full liquidity event rather than typical trading behavior, implying that capital was circulating rapidly alongside distribution rather than reflecting organic demand.
At the time of the checks referenced in the article, the whale’s remaining on-chain position was reportedly worth around $39.7 million. That matters for investors because it increases the probability—though not certainty—that further sales could follow if those holdings are continued to be deployed toward exchanges.
Earlier concentration and delayed fundamentals have weighed on trust
The selloff did not emerge in a vacuum. The article said on-chain investigator ZachXBT and blockchain analytics platform Bubblemaps had previously flagged supply concentration after SIREN’s initial rally in March 2026—during which the token reportedly surged roughly 6,800% before collapsing more than 90%.
According to the report, Bubblemaps indicated a cluster of wallets controlled close to half of the supply, and ZachXBT later linked those wallets to addresses associated with DWF Labs. A subsequent rally pushed SIREN back above $1, but the price later rolled over again, with the latest distribution wave beginning June 8 after a spike from about $0.45 to $1.30 followed by an immediate reversal.
On the fundamentals side, the article argued there is limited real-time product delivery to anchor valuation. It said SirenAI markets products including a decentralised exchange and an AI trading agent, but both were listed as “coming soon,” leaving the token’s price more dependent on speculative momentum than on confirmed revenue-generating utility.
Can SIREN stabilize—or is the downside still open?
While the broader trend described in the report remains bearish, some traders may be looking for signs that selling has begun to slow. The article said SIREN was down 35.6% on the day, after bouncing off a 24-hour low of $0.04024 to around $0.058. It also cited a 24-hour high near $0.0918, suggesting buyers stepped in after the sharpest part of the move.
The reported pattern—where heavy selling volume persists but declines in price slow—can be interpreted by market participants as capitulation, where panic-driven sellers exhaust themselves and absorption starts. However, the article cautioned that a slower rate of decline is not the same as a sustained recovery, particularly given the token’s history of abrupt distribution driven by supply concentration.
For any attempt at recovery, the report highlighted technical levels traders watch, including the ability to form higher lows and reclaim the $0.10–$0.12 range with durable buying. Below that area, it described the token as remaining in distressed territory without clear support.
On a broader timeframe, the article emphasized how violent the repricing has been: SIREN’s 7-day range was cited as $0.04508 to $1.26, while the all-time low was noted at $0.02635 (recorded March 11, 2025). At $3.61 per token just three months prior, the implied drawdown from near the top is close to 98%, reflecting just how extended the losses have become for holders.
With the remaining large on-chain position still worth tens of millions of dollars and the project roadmap still described as not fully live, investors may have to weigh any evidence of stabilization against the risk that more supply could be reintroduced to markets.
Next for traders to watch is whether the rebound holds as volume stays elevated—especially whether SIREN can maintain higher lows—and whether further whale-linked transfers emerge. Any additional on-chain activity from major holders, plus broader crypto risk sentiment, will likely determine whether the current bounce can turn into a base or whether the selloff resumes.
