Meme Coin SIREN Plummets 85% Amid Market Manipulation Allegations

SIREN, a meme coin that recently gained significant attention in the crypto community, has experienced a steep decline in value over the past day.

The asset's market capitalization plummeted by around 85% in a matter of hours, dropping from over $2 billion to just under $200 million. This drastic drop has left many investors and analysts wondering about the factors contributing to this sudden collapse.

Several critics have been vocal about their suspicions regarding SIREN's viability and market manipulation. Analysts have pointed out that the asset's price surge in March was unsustainable and that its fundamentals are lacking. The project's association with Binance, as it launched on Binance Alpha, has also raised concerns.

Some analysts have proposed a step-by-step analysis of how Binance may be manipulating the market through perpetual contracts and liquidations. This theory suggests that the exchange profits from large-scale liquidations before dumping the asset at a specific point.