Siren token surges 340% in 7 days, draws scrutiny over concentrated supply

Arkham data shows a wallet cluster holding 644 million SIREN, about 88% of the 728 million circulating supply, raising manipulation concerns.

Crypto token Siren surged 340% in the last week, amid claims that a large portion of the circulating supply may be concentrated among a small group of wallets. 

Siren markets itself as the “first AI analyst agent deployed on BNB Chain.” At the time of writing, CoinGecko data shows SIREN trading at $2.81, up over 340% from $0.63 on March 16. In the past month, the token exploded by nearly 1,300% from $0.22. The rally drew scrutiny after analysts said a large share of the token’s supply may be concentrated in a small group of wallets, a dynamic that could amplify volatility if confirmed.

Citing an unverified custom entity created by Arkham Intelligence, onchain analyst EmberCN said the party cornered nearly all spot supply to profit off contracts. He said this was the secret behind the token’s surge in the past month. 

According to the Arkham Intelligence page, the entity holds 644 million SIREN (worth around $1.8 billion). The amount accounts for 88% of the entire circulating supply of 728 million tokens. 

On X, pseudonymous crypto analyst Mlmabc warned his followers on Sunday to be careful trading the token, adding that “supply is heavily cornered.” Mlmabc said a cluster of wallets is currently sitting on $950 million in unrealized profit, implying that it could dump the tokens on potential buyers. 

Citing his own Dune Analytics dashboard, Bitcoin Strategy analyst Gerhard Kuschnik said most of the Siren token trading activity over the last month, when SIREN surged, was not from new users. Kuschnik said these were trading activities by existing holders, arguing that the token is not gaining new interest. 

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“The vast majority of trading happens by returning users,” adding that the average new user that bought into the token during its surge averaged between 100 and 200. 

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Source: CoinTelegraph