SIREN Protocol's Whale Control Exposed at 88.5%, Market Maker Used Spot + Derivatives to Stage 30x Price Pump

BlockBeats News, March 23rd, according to EmberCN monitoring, the SIREN token's whale control situation far exceeds previous expectations, with a suspected single whale controlling approximately 88.5% of the circulation supply (about 6.44 billion tokens, worth about 14.4 billion U.S. dollars).

Among the top 54 holding addresses, except for burn addresses and the Binance Web3 wallet, the other 52 addresses are highly interconnected. Among them, 48 addresses are recent centralized aggregation addresses, and the chips from the remaining 4 addresses can also be traced back to the same batch accumulation at the end of June to early July 2023.

Analysis indicates that the whale had previously centralized around 66.5% of the tokens, and combined with CEX holdings, the actual control ratio further increased. Against the backdrop of high control, the market believes that through controlling spot liquidity and engaging in arbitrage in the derivatives market to profit, it has formed a "self-directed" price mechanism, which may be a core reason for SIREN's nearly 30x surge in the past month and a half.

Furthermore, some opinions have associated the relevant addresses with the liquidity provider DWF Labs. Their public wallet holds about 3 million SIREN tokens, and shortly after a recent transfer, large-scale aggregation behavior appeared. However, this association has not yet been officially confirmed.