Siren cryptocurrency crashes 70% following revelation of concentrated wallet ownership
Analysis from Bubblemaps reveals that approximately 50% of Siren's token supply, valued at around $1 billion, is held by a single cluster of wallets.
On Tuesday, the Siren (SIREN) token experienced a dramatic collapse of almost 70%, wiping out gains from a meteoric rise after blockchain analysts issued alerts that a concentrated group of wallets potentially holds a substantial portion of the cryptocurrency's supply.
Data from CoinGecko reveals the token experienced a decline of nearly 70% from its Tuesday morning peak of $2.56 down to a daily bottom of $0.79. As of press time, the price of Siren was trading in the vicinity of $1.
The dramatic price decline came on the heels of a sharp upward trajectory for SIREN, which operates on the BNB Chain and is positioned as an AI analyst agent. On Monday, both Bubblemaps analysts and pseudonymous blockchain investigator EmberCN published findings suggesting that wallet distribution data indicated the token's ownership was highly centralized.
Although a direct causal link between these allegations and the subsequent price collapse has not been established, the dramatic price swings underscore the inherent dangers associated with limited liquidity and centralized token ownership.
Siren's 70% drop follows wallet concentration warnings
On Monday, SIREN surged to a high of $2.81, marking a 340% increase from its March 16 price point of $0.63. According to CoinGecko's tracking data, over the past month, the digital asset experienced an explosive rise of approximately 1,300% from its $0.22 level.
EmberCN, a pseudonymous blockchain analyst, issued a cautionary message to market participants on Monday, alerting them that the token's price explosion appeared to be orchestrated by a single party monopolizing virtually the entire spot market supply to generate profits through derivative contracts.
Referencing an unconfirmed custom entity identifier generated by Arkham Intelligence, EmberCN highlighted that a single controlling entity potentially holds 644 million SIREN tokens, representing a value of approximately $1.8 billion at that moment. This quantity represents 88% of the total circulating supply of 728 million tokens.
The following day on Tuesday, Bubblemaps, a blockchain analytics firm, published a graphical analysis depicting wallet cluster networks connected to Siren. The company's analysis indicated that a single entity maintains control over approximately 50% of the circulating token supply, representing roughly $1 billion in value.
Bubblemaps' investigation revealed that Siren had been "largely abandoned" following its initial launch in February 2025. According to the analytics firm's findings, a network consisting of more than 200 wallets received funding through PancakeSwap and acquired the tokens in two separate purchase waves before redistributing them across 47 different wallets.
"This only ends one way," Bubblemaps cautioned, suggesting that when a single entity maintains control over the supply, a precipitous price dump is likely to occur.