In a fresh update, SIREN suffered a dramatic collapse after a massive token selloff by one of its largest holders. The move wiped out more than 90% of the token’s value within days and sparked widespread debate across the crypto community about token concentration, market manipulation, and project transparency.
Massive Whale Selloff as Community Raises Concerns
Market intelligence platform Lookonchain reported that a SIREN whale sold 670 million SIREN tokens, representing 92% of the token’s total supply, within just two days. The whale received approximately $64.84 million from the sales, while the token’s price plunged by more than 90% amid market struggles to absorb the huge supply.
Interestingly, Lookonchain highlighted that the whale split the proceeds after the sale. Data showed that 25.7 million USDT was transferred to exchanges, while another 39.1 million USDT remains on-chain. The scale of the selloff quickly attracted attention across the crypto market. Since the whale controlled such a large share of the token supply, their sales exerted intense selling pressure and triggered a sharp price decline.
The development also sparked strong reactions among community members. Some users argued that the crash showed the danger of allowing a single entity to control a significant share of a token’s supply. According to them, such concentration leaves a project vulnerable to manipulation and sudden market shocks.
Others went a step further, speculating that the whale could be the founder of the Siren project. Based on that assumption, several users accused the team of abandoning or “rug-pulling” the project by cashing out a massive position. However, no evidence has emerged to confirm that the wallet belongs to the Siren team or any project insiders.
SIREN Struggles Despite Broader Market Recovery
For context, SIREN was trading around the $0.481 mark on June 12 before the whale started selling the token. However, shortly after the sale started between June 14 and June 15, SIREN crashed to the $0.05 level.
Meanwhile, SIREN is down 38.79% over the past 24 hours and is currently trading around $0.05. The latest decline follows one of the token’s sharpest crashes in its history. The losses become even more severe when viewed over a longer timeframe. Over the past seven days, SIREN has plunged by more than 95%, erasing most of its recent gains and leaving investors with heavy losses.
The token’s market capitalization has also taken a major hit. In the last 24 hours alone, SIREN’s market cap has dropped by 38.82% to approximately $41.23 million, reflecting the scale of the ongoing selloff.
Notably, the decline comes as the broader cryptocurrency market shows signs of recovery. Bitcoin recently rallied toward $65,000, while Ethereum continued to target $1,800. While many digital assets benefited from improving market sentiment, SIREN moved sharply in the opposite direction due to the whale’s massive liquidation.
Recent Crypto Project Crashes Highlight Growing Industry Risks
The SIREN collapse comes amid a string of major crashes across the cryptocurrency market. Recently, Humanity Protocol’s H token crashed by around 90% following a reported $30 million exploit. The incident wiped out a large portion of the project’s value and triggered concerns about security vulnerabilities in emerging crypto networks.
Shortly afterward, SAHARA also suffered a sharp decline, crashing by nearly 60% within a single hour and erasing roughly half of its market capitalization. Unlike Humanity Protocol, however, the Sahara team said it found no evidence of a malicious exploit behind the selloff. The team moved quickly to investigate the incident and communicate with the community. It later unveiled a compensation plan to provide relief to affected users and restore confidence in the project.
The recent crashes align with concerns raised in a report by CoinGecko. According to the report, dead coins and abandoned projects are becoming a growing issue across the digital asset sector. CoinGecko revealed that the number of dead coins tracked on GeckoTerminal surpassed 11 million in 2025. The figure represents a dramatic increase from just 2,584 projects in 2021 to more than 1.3 million in 2024.
Despite the surge in failed projects, the crypto industry continues to expand. CoinGecko noted that the total number of cryptocurrency projects reached approximately 20.2 million in 2025.
The figures underscore both the rapid growth and the increasing risks within the sector. While new projects continue to launch at a record pace, recent collapses involving SIREN, Humanity Protocol, and SAHARA highlight the challenges investors face in an increasingly crowded and volatile market.
Josiah Oluwadare
