Crypto token Siren has surged more than 340% over the past week, climbing from $0.63 on March 16 to $2.81 at the time of writing, according to CoinGecko data. Over the past month, the token recorded an even steeper rise of nearly 1,300% from $0.22. The rally has attracted growing scrutiny from analysts who say a significant portion of the token’s circulating supply appears to be concentrated among a small number of wallets. Such concentration, if confirmed, could sharply amplify price volatility.
Siren markets itself as the first AI analyst agent deployed on BNB Chain. Onchain analyst EmberCN cited an unverified custom entity created by Arkham Intelligence, claiming that one party had cornered nearly all available spot supply in order to profit from derivatives contracts. EmberCN described this dynamic as the underlying reason behind the token’s dramatic monthly gains. The Arkham Intelligence page in question shows the entity holding 644 million SIREN tokens, valued at approximately $1.8 billion.
That holding represents roughly 88% of the token’s entire circulating supply of 728 million tokens. The scale of the concentration has raised concerns among market observers about the potential for a large sell-off. Pseudonymous crypto analyst Mlmabc warned followers on X on Sunday to exercise caution when trading the token, stating that its supply is “heavily cornered.” Mlmabc added that a cluster of wallets currently holds an estimated $950 million in unrealized profit, suggesting those holders could offload tokens onto buyers at any time.
Separately, Bitcoin Strategy analyst Gerhard Kuschnik examined trading activity using his own Dune Analytics dashboard and found that most of the volume recorded during Siren’s surge over the past month did not come from new participants. According to Kuschnik, the activity was driven largely by existing holders rather than fresh entrants to the market. He argued this pattern indicates the token is not attracting meaningful new interest from outside its current user base.
Kuschnik noted that the average number of new users who bought into the token during its surge ranged between just 100 and 200, with the vast majority of trading activity attributed to returning users. This data point raises further questions about the sustainability of the token’s price appreciation. Without a broader base of new buyers, analysts suggest the token may be more susceptible to sharp reversals if large holders decide to exit their positions.
Originally reported by CoinTelegraph.
