SIREN Reproduces "Whale Control" Price Action, Surges Over 130% to $2.28 Over Seven Hours

BlockBeats News, March 25th, according to HTX market data, SIREN once again exhibited a "whale control" market in the past seven hours, with a continuous surge of over 130%, now trading at $2.28, with a market cap rising to $1.67 billion.

Previously disclosed, the whale control situation of the SIREN token far exceeded previous expectations, with a single whale suspected to have already controlled around 88.5% of the circulation supply (about 644 million tokens, worth around $1.44 billion). Among the top 54 holding addresses, except for burn addresses and the Binance Web3 wallet, the remaining 52 addresses are highly interconnected, with 48 of them being recent concentrated accumulation addresses, and the chips of the other 4 addresses can be traced back to the same batch of accumulation at the end of June to early July 2023.

Analysis indicates that the whale had already completed around 66.5% of the token's concentrated accumulation, further increasing the actual whale control ratio combined with CEX holdings. Against the backdrop of high whale control, the market believes that by controlling spot liquidity and engaging in arbitrage in the derivatives market to profit, the whale has formed a "self-directed" price mechanism, which may be the core reason for SIREN's approximately 30x surge in the past month and a half.