Key Highlights
- SIREN token dropped 57% in 24 hours, falling from $1.19 to around $0.52, with market cap down about 53% to $382M.
- Trading volume spiked 1072% to $140M, but most of it came from heavy selling and forced liquidations, not buying interest.
- Over $1.88M in positions were liquidated, with $1.41 million from long positions.
Siren (SIREN) token fell sharply on Thursday, dropping 57% in a single day as heavy selling pressure swept through the market.
At the time of reporting, SIREN was trading for $0.52, down from a daily high of above $1.19. At the same time, trading volume surged about 1,072% to over $140 million. But this was not a normal buying activity. Most of it came from people selling their holdings and rushing to exit the market.
During the same period, the token’s market value dropped by about 53%, falling to around $401.25 million as money left the token quickly. The fall happened very fast and caught many market participants off guard.
Exchange activity and liquidations
The token is heavily traded in the spot trading market, with different volumes on different exchanges. According to data from CoinMarketCap, KuCoin is seeing the most activity, representing about 22% of the total trading volume, followed by Binance with over 21%.
Derivatives markets also added more weight to the decline. Over $1.88 has been liquidated from the market in the last 24 hours. According to data from Coinglass, about $1.41 million in long positions has been liquidated, while the rest, amounting to $467, came from trades that had bet on the price going up.
In short, when prices dropped with strong momentum, many leveraged trades were automatically closed by the system. This made the sell pressure even stronger because those positions had to be sold immediately.
What is SIREN
SIREN is a Web3 crypto project built on the BNB Chain that combines memecoin-style branding with a plan to build AI-powered tools for decentralized finance.
At the center of the project is the SirenAIAgent, an AI system designed to guide trading decisions. It has two modes. One mode gives calm, data-based advice for safer decisions. The other mode is designed for more risky and aggressive trading strategies.
The project also plans to build an AI-powered decentralized exchange, along with automated trading tools. These tools are meant to help users trade more easily and manage risk better. However, several of these features are still in development or not fully detailed in public documentation.
What may have triggered the drop
The decline came alongside ongoing market discussion about unusual trading behavior. Recently, several analysts have flagged SIREN among tokens showing abnormal price movements, with concerns raised about potential market manipulation patterns in similar AI-themed crypto projects.
For instance, blockchain investigator ZachXBT has previously mentioned SIREN among tokens with “questionable price action.”
At the moment, there is no single confirmed reason for the crash. However, this sentiment seems to have added to the downtrend push, falling over 97% from its all-time high.
Also Read: Upbit Listing Sends Superform (UP) Surging Nearly 80% Within Hours
