SIREN plunges 70% amid allegations of centralized supply

Siren (SIREN), an AI agent project on the BNB Chain, plummeted by 70% in a single day following warnings from on-chain analysts about centralization risks, Cointelegraph reported. According to CoinGecko data, SIREN fell from a high of $2.56 to a low of $0.79, a drop of approximately 69.1%, and is currently trading around $1. The media outlet explained that the sharp decline began after the token's recent surge since March 22 prompted on-chain analyst EmberCN and blockchain analytics firm Bubblemaps to raise concerns that a small number of wallets control a significant portion of the token supply. EmberCN noted the possibility that a single address could be monopolizing the SIREN supply to profit from the derivatives market, suggesting that approximately 644 million SIREN, or 88% of the total circulating supply, might be under the control of one wallet. Bubblemaps also analyzed that over 200 SIREN addresses, which received funding from PancakeSwap, were found to have split their holdings across multiple wallets. These addresses alone are estimated to hold about 50% of the total circulating supply.