Siren (SIREN) plunged nearly 70% on Tuesday, reversing a sharp rally after onchain analysts warned that a small group of wallets may control a significant portion of the token’s supply.
Data from CoinGecko shows the token fell from a high of $2.56 to as low as $0.79 within the same day, before stabilizing around $1 at the time of writing.
The sell-off followed a rapid surge in SIREN, a BNB Chain-based token promoted as an AI-powered analyst agent. Researchers at Bubblemaps and pseudonymous analyst EmberCN flagged that token ownership appeared highly concentrated among a limited number of wallets.
While it’s unclear whether these findings directly triggered the price drop, the episode underscores the risks associated with low liquidity and concentrated token distribution.
Siren plunge follows concentration concerns
SIREN surged to $2.81 on Monday—up 340% from $0.63 on March 16—and posted gains of nearly 1,300% over the past month from $0.22, according to CoinGecko data.
However, the rally quickly reversed after warnings from onchain analysts about highly concentrated ownership.
Pseudonymous researcher EmberCN cautioned that the price spike may have been driven by a single party accumulating most of the spot supply to profit via derivatives markets. Citing data from Arkham Intelligence, the analyst suggested one entity could control around 644 million SIREN—valued at roughly $1.8 billion at the time—representing about 88% of the token’s 728 million circulating supply.
On Tuesday, Bubblemaps published a visualization of wallet clusters linked to SIREN, indicating that a single entity may control roughly 50% of the circulating supply, worth करीब $1 billion.
The findings intensified concerns around centralization risks, which can amplify volatility and expose traders to sharp price swings.
According to Bubblemaps, Siren was “largely abandoned” after its launch in February 2025. The firm noted that more than 200 wallets were initially funded through PancakeSwap, accumulating tokens in two phases before redistributing them across 47 wallets.
“This only ends one way,” Bubblemaps warned, suggesting that if a single entity effectively controls the supply, it increases the risk of a sudden and significant sell-off.
