The SIREN token plunged nearly 70% on Tuesday, reversing a rapid rally as on-chain analysts warned that a small cluster of wallets may be controlling a large portion of the token’s supply.
The token has fallen nearly 70% from a high of $2.56 early Tuesday to a low of $0.79 on the same day, according to data from CoinGecko. At the time of writing, Siren was hovering around $1.
The fall followed a sharp rise in SIREN, a BNB chain token sold as an AI analyst agent. Bubble Maps analyst and pseudonymous researcher Ember CN said on Monday that wallet data suggests that token holdings are highly concentrated.
The relationship between claims and price movements remains unclear, but the volatility highlights the risks associated with illiquidity and concentrated holdings.
Siren’s 70% drop follows wallet concentration warning
SIREN rose to $2.81 on Monday, a 340% increase from its March 16 price of $0.63. The token has appreciated nearly 1,300% from $0.22 in the last month, according to CoinGecko data.
On Monday, pseudonymous on-chain analyst Ember CN warned traders that the token price hike was due to parties cornering nearly all spot supply in order to profit from the contract.
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Citing an unidentified custom entity created by Arkham Intelligence, EmberCN pointed out that a single entity may be controlling 644 million SIRENs, worth approximately $1.8 billion at the time. This amount represents 88% of the total circulating supply of 728 million tokens.
On Tuesday, blockchain analytics firm Bubble Maps shared a visual representation of the wallet cluster surrounding Siren. According to the company, one company controls about 50% of the circulating supply of tokens worth about $1 billion.
According to Bubblemaps, Siren was “largely abandoned” after its launch in February 2025. The company said a cluster of over 200 wallets was funded via PancakeSwap and purchased the tokens in two installments, which were then distributed across 47 wallets.
“This can only end in one direction,” Bubble Maps wrote, hinting that a sharp decline could occur if one party controls supply.
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