SIREN token crashes 75% after whale sells 17M tokens, sparking market sell-off and reduced trading leverage.

SIREN's price plunged about 75% to $0.126 following a large sale of 17 million tokens by a whale across multiple wallets, triggering one of the steepest declines this week. The sell-off caused open interest in derivatives to drop nearly 40% as traders unwound leveraged positions, signaling reduced speculative activity. Analysts highlight that whales control 94% of SIREN's supply, allowing them to heavily influence price swings through repeated cycles of accumulation and selling. This event reflects a broader trend of sudden token crashes in crypto markets linked to concentrated ownership and large sell-offs.