SIREN controller dumped 680 million tokens in 2 days, cashing out 64.8 million USDT, SIREN price drops 96%

According to Odaily, monitoring by on-chain analyst Yu Jin reveals that within 2 days, the SIREN controller has completed the "smurfing" of 680 million SIREN (94% of the total supply). This sell-off caused the SIREN price to fall from $1.3 to $0.05, a decline of 96%, netting approximately 64.8 million USDT.

In terms of fund flow, approximately 200 million SIREN flowed into CEX wallets including Binance, Gate, and KuCoin; the majority of the remaining tokens, after the price was driven below $0.1, were bought on-chain by hundreds of addresses, with each address purchasing an average of several hundred thousand SIREN (worth from a few thousand to tens of thousands of US dollars).

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