The Siren (SIREN) token collapsed nearly 70% on Tuesday following a rapid run-up, after onchain analysts pointed to a small cluster of wallets that may control a large share of the token’s supply. According to CoinGecko, SIREN slid from an intraday high of $2.56 to a low of $0.79 on Tuesday; at the time of reporting it was trading near $1. The token is issued on BNB Chain and is promoted as an AI analyst agent.
The drop came after a dramatic rally. SIREN reached $2.81 on Monday, a roughly 340% increase from $0.63 on March 16, and about a 1,300% gain from $0.22 a month earlier, per CoinGecko. Onchain investigators, including Bubblemaps and the pseudonymous researcher EmberCN, posted analyses suggesting the price surge was linked to highly concentrated holdings.
EmberCN referenced an unverified custom entity flagged by Arkham Intelligence that appears to control roughly 644 million SIREN — roughly 88% of the circulating supply of 728 million tokens — which would have been worth about $1.8 billion at peak prices. Bubblemaps published visual cluster analysis indicating one entity controlled roughly 50% of the circulating supply, valuing that position at about $1 billion.
Bubblemaps also reported that Siren had been “largely abandoned” after its February 2025 launch. The firm said a cluster of more than 200 wallets was initially funded via PancakeSwap to purchase SIREN in two batches before distributing tokens into 47 wallets. Bubblemaps warned that such concentration raises significant downside risk and could lead to a rapid liquidation if the controlling parties decide to sell, writing that the situation “only ends one way.”
A clear causal link between the concentration claims and Tuesday’s price decline has not been proven, but the episode underscores the vulnerabilities of tokens with thin liquidity and skewed holder distribution. Rapid, large price moves can be amplified when a small number of wallets hold outsized positions.
Readers should independently verify onchain analyses and consider both liquidity and holder dispersion when assessing similar token rallies. This article was produced in line with Cointelegraph’s editorial standards; readers are encouraged to confirm details before making investment decisions.