SIREN memecoin plunges 48% amid crypto market selloff after new Fed leadership

SIREN token crashed over 48% in 24 hours, dropping from $1.1 to around $0.62 as crypto markets reacted negatively to new U.S. Federal Reserve leadership. Traders rushed to close positions, causing a sharp fall in Open Interest and a surge in derivatives volume, signaling panic selling. The Relative Strength Index indicates further downside risk, with potential to fall below $0.6 support unless buyers regain control above $0.7. This selloff erased nearly all gains from SIREN's April-May rally, reflecting broader market uncertainty and risk-off sentiment.