Siren token surges 340% in 7 days, draws scrutiny over concentrated supply

Arkham data shows a wallet cluster holding 644 million SIREN, about 88% of the 728 million circulating supply, raising manipulation concerns.

Crypto token Siren surged 340% in the last week, amid claims that a large portion of the circulating supply may be concentrated among a small group of wallets. 

Siren markets itself as the “first AI analyst agent deployed on BNB Chain.” At the time of writing, CoinGecko data shows SIREN trading at $2.81, up over 340% from $0.63 on March 16. In the past month, the token exploded by nearly 1,300% from $0.22. The rally drew scrutiny after analysts said a large share of the token’s supply may be concentrated in a small group of wallets, a dynamic that could amplify volatility if confirmed.

Citing an unverified custom entity created by Arkham Intelligence, onchain analyst EmberCN said the party cornered nearly all spot supply to profit off contracts. He said this was the secret behind the token’s surge in the past month. 

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