Siren Token Rises 340% As Analysts Suggest Concentrate Holdings
Arkham's data shows that wallets hold 644 million SIRENs, about 88% of the 728 million circulating supply, raising fraud concerns.
Crypto token Siren has surged 340% in the past week, amid claims that the maximum circulating supply could be accumulated among smaller wallets.
Siren markets itself as “the first AI analytics agent deployed on the BNB chain.” At the time of writing, CoinGecko data shows SIREN trading at $2.81, up 340% from $0.63 on March 16. Last month, the token exploded from $0.22 to nearly 1,300%. The rally came under scrutiny after analysts said a large portion of the token's supply could be held in a small group of wallets, adding to volatility if confirmed.
Citing an unverified custom entity created by Arkham Intelligence, OnChain analyst EmberCN said the party has cornered almost all space supply to profit from contracts. He said this was the secret to the token's rise last month.
According to Arkham Intelligence's page, the organization owns 644 million SIRENs (worth around $1.8 billion). The amount accounts for 88% of the total circulating supply of 728 million tokens.
Crypto analysts suggest collecting wallets
On X, anonymous crypto analyst Mlmabc warned followers to trade the token with caution on Sunday, saying, “The supply is just around the corner.” According to Mlmabc, the wallet cluster is currently sitting on $950 million in unrealized profits, indicating that it can dump its tokens on potential buyers.
Citing his own Dune Analytics dashboard, Bitcoin strategy analyst Gerhard Kushnick said that when SIREN was added last month, most of the Siren token trading activity was not from new users. Kushnik argues that these are marketing activities of existing holders, which means that the token is not gaining new interest.
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“Most marketing is done by returning users,” he added, adding that when he added Talk, the average new user he bought was between 100 and 200.
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