SIREN coin price drops 98% from recent ATH, is it the end of the AI token?

SIREN, a BNB Chain-based AI meme token that briefly captured the attention of the crypto market earlier this year, is in freefall.

The token has shed 98.3% of its value from its all-time high of $3.61, recorded on March 22, 2026, and is currently trading around $0.058.

For a token that once commanded a market valuation north of $1.7 billion, the collapse has been both swift and brutal.

Why is the price of SIREN coin dropping?

The immediate trigger for the latest leg down was a massive coordinated sell-off by a single whale who controlled an outsized portion of the token's supply.

On-chain analytics firms Spot On Chain and Lookonchain tracked the wallet dumping approximately 670 million tokens over a 48-hour window, netting around $64.8 million in USDT before the dust settled.

Of that amount, roughly $25.7 million was transferred to centralised exchanges, with the remaining $39 million staying spread across on-chain wallets.

What made the sell-off particularly damaging was the sheer scale of it.

The 670 million tokens represented around 92% of the tokens in active circulation at the time, and the price buckled under the weight of it, crashing from $1.30 down to around $0.05 in a matter of days, a decline of over 96% in under a week.

Analyst Hupzy described the entire sequence as a "textbook pump-and-dump," and noted the remaining holdings had been deliberately split across hundreds of addresses, a move that makes future tracking significantly harder.

This wasn't the first time SIREN raised red flags either.

After its initial rally in March 2026, which saw the token surge roughly 6,800% before crashing more than 90%, on-chain investigator ZachXBT and blockchain analytics platform Bubblemaps both flagged that a single cluster of wallets controlled close to half of the supply.

ZachXBT later linked those wallets to addresses connected to DWF Labs.

A second rally then pushed SIREN back above $1, before the latest wave of distribution began on June 8, when the price spiked nearly 190% from $0.45 to $1.30 before immediately rolling over again.

The derivatives market told a similar story. CoinGlass data showed over $625 million in futures volume in a single day during the crash, with $3.4 million in liquidations, more than $2.7 million of which were long positions wiped out.

Open interest dropped nearly 40% to $28 million as the panic set in.

Adding to the concern, SIREN's 24-hour trading volume at one point exceeded $224 million against a token value far below that figure, a turnover ratio of over 5x, which Arkham Intelligence flagged as consistent with a complete liquidity event rather than normal market activity.

The whale's remaining on-chain wallet still held assets valued at around $39.7 million at last check, meaning further selling pressure cannot be ruled out.

Beyond the whale activity, the project itself offers little to anchor confidence.

SirenAI markets its core products, including a decentralised exchange and an AI trading agent,  but both remain listed as "coming soon" on the platform, leaving traders with nothing but speculation to price in.

Are there hopes that SIREN crypto will recover?

Despite the carnage, some traders are watching closely for signs that the selling has run its course.

SIREN’s price movements over the past 24 hours has shown something notable: volume remains extremely elevated while the rate of decline has slowed.

The token is down 35.6% on the day but is trading off its 24-hour low of $0.04024, having bounced to around $0.058.

The 24-hour high was $0.0918, suggesting buyers stepped in at lower levels.

This kind of dynamic, where heavy selling volume stops producing new lows, is sometimes interpreted as a capitulation signal, where panic sellers exhaust themselves and absorption begins.

However, the broader trend and market structure remain firmly bearish, and a slower rate of decline is not the same as a recovery.

The first meaningful test for any recovery would be SIREN's ability to form higher lows and reclaim the $0.10–$0.12 range with sustained buying conviction.

Below that level, the token remains in distressed territory with no obvious technical support.

The 7-day range of $0.04508 to $1.26 tells the full story of just how violent this move has been.

The all-time low sits at $0.02635, recorded on March 11, 2025, meaning the token is not far above its historical floor if the selling resumes.

At $3.61 per token just three months ago, anyone who bought near the top is sitting on losses approaching 98.4%.

With the whale's remaining wallet still holding tens of millions of dollars in value, a product roadmap that has yet to deliver anything live, and a history of supply concentration that multiple on-chain researchers flagged months before the collapse, the road back for SIREN will be anything but straightforward.