According to on-chain data, the SIREN token experienced a sharp decline in the last few hours. The data suggests that addresses allegedly controlling SIREN sold approximately 17 million SIREN tokens across multiple wallets in about two hours. The total value of these sales is estimated to be around $6.75 million.
Following selling pressure, the SIREN price dropped from $0.47 to $0.13, losing over 70% of its value.
Allegedly, market makers or controllers in the SIREN market hold approximately 680 million tokens, representing at least 94% of the total supply. This has raised concerns that the token is controlled by a limited number of addresses rather than operating under free market conditions.
On-chain analysts suggest that SIREN has experienced four distinct pump-dump cycles since February. According to them, the token price is first sharply increased, then driven down again by selling at high levels. Finally, tokens are bought back at lower prices, and a similar cycle is repeated.
According to analysts, for tokens where the majority of the supply is controlled by a single entity, tracking on-chain accumulation and distribution movements becomes more critical than focusing solely on technical levels.
*This is not investment advice.
