According to Arkham data, wallet clusters store 644 million SIRENs, or about 88% of the circulating supply of 728 million, raising concerns about manipulation.
Crypto token Siren soared 340% last week amid claims that a large portion of the circulating supply may be concentrated in a small group of wallets.
Siren advertises itself as “the first AI analyst agent deployed on the BNB chain.” At the time of writing, SIREN is trading at $2.81, an increase of over 340% from $0.63 on March 16, according to CoinGecko data. Over the past month, the token has exploded from $0.22 to nearly 1,300%. The rally came under scrutiny as analysts said a large portion of the token’s supply may be concentrated in a small group of wallets, which could amplify volatility if confirmed.
Citing an unidentified custom entity created by Arkham Intelligence, on-chain analyst Ember CN said the party cornered nearly all spot supplies to profit from the contract. He said this is the secret to the token’s surge last month.
According to Arkham Intelligence’s page, the organization owns 644 million SIRENs, worth about $1.8 billion. This amount accounts for 88% of the total circulating supply of 728 million tokens.
Crypto Analysts Point Out Wallet Clustering
On X, pseudonymous crypto analyst Malmav on Sunday warned followers to be careful when trading tokens, adding that “supply is pretty tight.” Mlmabc said the wallets currently have $950 million in unrealized gains, indicating they may sell the tokens to potential buyers.
Citing his Dune Analytics dashboard, Bitcoin strategy analyst Gerhard Kushnik said that most of the Siren token trading activity in the last month when SIREN spiked was not due to new users. Kushnik argued that these are trading activities by existing holders and that the tokens are not attracting new interest.
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“The majority of transactions are done by repeat users,” he added, adding that the average number of new users who bought tokens during the surge was between 100 and 200.
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