SIREN whale dumps 680 million tokens in 2 days, cashing out 64.8 million USDT, causing SIREN price to drop 96%

Odaily Odaily reports that according to on-chain analyst Yujian's monitoring, over a 2-day period, 680 million SIREN tokens (94% of the total supply) have been "smeared" by the SIREN whale. This sell-off caused the SIREN price to drop from $1.3 to $0.05, a decline of 96%, yielding approximately 64.8 million USDT.

Regarding fund flows, approximately 200 million SIREN tokens flowed into CEX wallets such as Binance, Gate, and KuCoin; the remaining majority, after the price was smashed below $0.1, were bought on-chain by hundreds of addresses, with each address purchasing on average hundreds of thousands of SIREN (ranging in value from thousands to tens of thousands of US dollars).

The SIREN whale address currently holds approximately 39.1 million USDT on-chain.