The Siren (SIREN) token plunged nearly 70% on Tuesday, reversing a rapid rally as onchain analysts warned that a small cluster of wallets may control a large share of the token’s supply.
According to CoinGecko data, the token dropped nearly 70% from a high of $2.56 early Tuesday to a low of $0.79 on the same day. At the time of writing, Siren hovered around $1.
The sell-off followed a steep run-up in SIREN, a BNB Chain token marketed as an AI analyst agent. Analysts at Bubblemaps and the pseudonymous researcher EmberCN said Monday that wallet data suggested the token’s holdings were highly concentrated.
While the relationship between the claims and the price move remains unclear, the volatility highlights risks tied to thin liquidity and concentrated holdings.
Siren’s 70% drop follows wallet concentration warnings
SIREN rallied to $2.81 on Monday, up 340% from its price of $0.63 on March 16. CoinGecko data showed that in the last month, the token rose by nearly 1,300% from $0.22.
On Monday, a pseudonymous onchain analyst, EmberCN, warned traders that the token’s surge was due to a party cornering nearly all spot supply to profit from contracts.
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Citing an unverified custom entity created by Arkham Intelligence, EmberCN pointed out that a single entity may be in control of 644 million SIREN, worth about $1.8 billion at the time. This amount accounts for 88% of the entire circulating supply of 728 million tokens.
On Tuesday, blockchain analytics company Bubblemaps shared a visual representation of wallet clusters surrounding Siren. According to the company, one entity controls about 50% of the circulating supply of tokens worth about $1 billion.
According to Bubblemaps, Siren was “largely abandoned” after its launch back in February 2025. The company said that a cluster of over 200 wallets was funded via PancakeSwap and purchased the token in two batches before dispersing them into 47 wallets.
“This only ends one way,” Bubblemaps wrote, implying that if a single party controls the supply, a sharp sell-off may follow.
