SIREN (SIREN) — an AI-focused token on the BNB Chain — lost more than 70% of its value within a single day after on-chain investigators ZachXBT and analytics firm Bubblemaps flagged that a single wallet cluster controls nearly half the token's total supply, raising concerns of coordinated market manipulation.
SIREN's 70% Collapse
The token had been on a sustained rally for weeks, climbing from $0.40 on Mar. 10 to an all-time high of $3.65 in the late hours of Mar. 22.
That run stood out sharply against the broader crypto market, where most assets struggled to post single-digit weekly gains — making SIREN's trajectory all the more unusual for a token with a largely unremarkable first year of trading.
The reversal wiped out most of those gains in under 24 hours. SIREN dropped below $1.00, falling from a top-40 altcoin by market cap to outside the top 80.
The sell-off coincided with growing speculation on X that SIREN could be "the biggest scam of 2026," with multiple users alleging the rally was driven by a single entity manipulating the market.
Also Read: Bitcoin Holders Quietly Stack $23B Worth Of BTC In 30 Days
Bubblemaps, ZachXBT Warnings
Bubblemaps issued a warning on Mar. 22, noting that a single cluster of wallets held almost 50% of SIREN's circulating supply — worth roughly $1.5 billion at the token's peak price.
"This only ends one way," the firm wrote, hours before the crash began.
According to Bubblemaps, SIREN launched in Feb. 2025 as the "first on-chain AI agent analyst on BNB" but was "largely abandoned" soon after. The cluster — comprising more than 200 wallets — accumulated tokens in June and Feb. 2025, then dispersed them across 47 addresses.
While the cluster's owner has not been officially identified, ZachXBT linked the wallets to DWF Labs, noting they connected to several obscure DWF-affiliated tokens including LADYS, RACA and TOMO.
Read Next: Billion-Dollar Trades Before Iran Announcement Trigger Calls For SEC Investigation