The Siren (SIREN) token plunged nearly 70% on Tuesday after a rapid rally, as onchain analysts flagged that a small cluster of wallets may control a large portion of the token’s supply. According to CoinGecko, SIREN fell from an intraday high of $2.56 to a low of $0.79 on Tuesday; at the time of writing it was trading around $1. The token runs on BNB Chain and is marketed as an AI analyst agent.
The sell-off followed a steep run-up. SIREN hit $2.81 on Monday, up 340% from $0.63 on March 16, and has risen nearly 1,300% from $0.22 over the past month, per CoinGecko. Onchain researchers including Bubblemaps and the pseudonymous EmberCN posted analyses suggesting the rally was driven by concentrated holdings.
EmberCN cited an unverified custom entity identified by Arkham Intelligence that appears to control roughly 644 million SIREN — about 88% of the circulating supply of 728 million tokens — worth roughly $1.8 billion at peak prices. Bubblemaps shared visual wallet-cluster analysis showing one entity controlling about 50% of the circulating supply, valued at roughly $1 billion.
Bubblemaps said Siren was “largely abandoned” after its February 2025 launch, and that a cluster of over 200 wallets was initially funded through PancakeSwap to buy the token in two batches before dispersing tokens into 47 wallets. The firm warned the concentration creates downside risk, writing that “this only ends one way,” implying a potential sharp sell-off if the controlling party moves to liquidate.
While a direct causal link between the concentration claims and Tuesday’s price drop is unclear, the episode highlights risks associated with thin liquidity and highly concentrated token holdings. Readers should independently verify onchain claims and consider liquidity and holder distribution when evaluating similar token rallies.
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