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A SIREN market manipulator sold 680 million tokens within two days, cashing out 64.8 million USDT, causing the price of SIREN to plummet by 96%.
Svmuu News: According to on-chain analyst Yu Jin, over the past two days, 680 million SIREN tokens (94% of the total supply) have been "broken up into smaller holdings" by SIREN whales.This sell-off caused the price of SIREN to plummet from $1.30 to $0.05, a 96% drop, yielding approximately 64.8 million USDT. In terms of capital flows, approximately 200 million SIREN tokens flowed into CEXs such as the Binance wallet, Gate, and KuCoin; additionally, after the price plummeted below $0.10, hundreds of addresses purchased SIREN on-chain, with each address buying an average of several hundred thousand SIREN tokens(valued at anywhere from thousands to tens of thousands of dollars). The address controlled by the SIREN market manipulator currently holds approximately 39.1 million USDT on-chain.
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Disclaimer: This content reflects the author's personal views only and does not constitute investment advice.
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