Siren token surges 340% in 7 days, draws scrutiny over concentrated supply

Price and Volume Surge

Siren (SIREN) has seen a significant surge in price and trading volume, with reports indicating a 340% increase in trading volume over a short period. In one instance, the token surged 22.7% in 24 hours to reach an all-time high of $0.90.

Concentration of Token Holdings

Arkham data reveals a wallet cluster holding 644 million SIREN tokens, which accounts for approximately 88% of the 728 million circulating supply. This concentration raises concerns about potential manipulation and insider trading.

Insider Trading and Scam Warnings

Multiple reports have highlighted risks associated with the token’s rapid rise, including warnings about insider trading and potential scams. A single address cluster transferred 484.6 million SIREN tokens, worth $1 billion, through Hedgey Finance, which has sparked further scrutiny.

Supply Reduction and Market Value Increase

There are claims that the total supply of SIREN has been reduced from 26% to 48% of its original tokens, which contributed to a value increase from $0.08 to $2.10 per token.

Market Performance and DeFi Integration

SIREN, as a DeFi options token, has seen a 34.7% surge in 24 hours to $0.736, with the protocol gaining traction and ranking among the top 100 cryptocurrencies by market cap.

來源：https://cointelegraph.com/news/siren-token-340-percent-surge-wallet-concentration-claims