SIREN Soars to $2 as Short Liquidations Dominate Market

SIREN posted a 24-hour rally, climbing to $2.23 and recording a 118.84% gain, even though no new partnerships, product updates, or network developments were identified during the period. The move followed an extended period of low volatility, during which the token traded near $1.00 before a sudden breakout sparked higher market activity.

According to CoinMarketCap price data, SIREN remained largely range-bound earlier in the session, holding near $1.00 before momentum shifted. The token moved from approximately $1.05 to above $1.70 over a short period, reflecting a concentrated wave of buying pressure.

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As trading progressed, the upward movement continued, with the price later testing levels above $2.20. It then stabilized slightly below its peak, retaining most of the gains from the surge.

Market metrics aligned with the price movement. SIREN’s market capitalization rose to $1.62 billion, marking a 118.77% increase. At the same time, 24-hour trading volume reached $89.37 million, up 13.77%.

Simultaneously, liquidation data reflected an imbalance between short and long positions. On Wednesday the 1 hour liquidations reached $183.68K, with $151.61K attributed to short positions and $32.07K to longs.

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This pattern remained consistent across longer timeframes. Over the four-hour period, total liquidations totaled $445.27K, including $295.58K in shorts and $149.69K in longs. Over 12 hours, liquidations totaled $2.65 million, with $1.87 million from short positions. Meanwhile, 24-hour liquidations reached $3.85 million, with $2.91 million linked to shorts compared to $940.61K from longs.

On-chain data further indicates a highly concentrated ownership structure. Insights shared by show that approximately 88.5% of SIREN’s supply is held within a single whale cluster controlling 52 of the top 54 wallets. Notably, 48 of these addresses accumulated tokens within the past day, while the remaining wallets trace back to earlier purchases.

Meanwhile, derivatives data points to a contrasting trend. According to Coinglass, SIREN’s futures open interest has declined by 46% over the past two days. In addition, the funding rate remains negative at -0.069%, indicating that short positions continue to dominate despite the price increase.