SIREN Skyrockets 800% in a Month, Market Cap Surges to $1.5 Billion! On-Chain Data Reveals High Manipulation Risk

Gate News, March 24 — The AI-themed token SIREN on the BNB Chain has recently surged significantly in price, with an increase of over 800% in the past month and a market capitalization once surpassing $1.5 billion. This week, driven by short covering and retail capital inflows, SIREN hit a new all-time high, with market sentiment continuing to heat up.

However, several on-chain analysts have questioned the sustainability of this rally. Bubblemaps data shows that a cluster of addresses controlled by multiple related wallets holds approximately 47% to 50% of the total token supply. These addresses accumulate tokens through dispersed holdings and centralized management, redistributing tokens across different wallets, exhibiting clear signs of coordinated behavior.

Meanwhile, a nearly $1 billion transfer shifted almost half of the supply from structured holding contracts to active wallets, significantly increasing large holders’ direct control over circulating tokens. This change causes the actual circulating supply to be lower than surface data suggests, further amplifying price volatility.

Under this supply structure, even limited buying pressure can rapidly push prices higher. Additionally, short liquidations in the leveraged market can create “passive buying,” reinforcing the upward trend. On-chain investigator ZachXBT also pointed out that some related wallets are connected to addresses involved in DWF Labs projects, which previously drew attention due to market manipulation controversies.

Analysts believe that this rally is more likely driven by concentrated holdings and liquidity contraction rather than genuine demand expansion. If core holders begin to reduce their positions, the current upward structure could quickly reverse, posing a risk of sharp retracement.

Although short-term momentum remains, the high concentration and low circulating supply make SIREN’s price movement highly sensitive to capital behavior, and the market should remain alert to potential chain reactions of amplified volatility.