- The AI-themed token on BNB Chain, SIREN, plunged from its all-time high around $3.65 to around $1, wiping out billions in market value within hours.
- The sharp drop was seen immediately after on-chain investigators like Bubblemaps and ZachXBT revealed that a single entity controls near 50% of the total SIREN supply
- They also mentioned suspicious links to DWF Labs
On March 24, Siren (SIREN) witnessed a sharp crash after losing over 55% in value in just 24 hours, sparking fear in its community amid growing concern about the legitimacy of the project.
At the time of writing, Siren (SIREN) is trading at around $1.02, along with a market capitalization of $744 million after losing over half of it in a single day. This kind of heavy crash is raising the question of potential rug pull in the community.
SIREN Loses Half Value on Hidden Wallet Cluster
Siren, or SIREN, is an AI-based cryptocurrency token developed on the BNB Chain. It launched in February 2025 as a “first on-chain AI agent analyst.” However, it failed to grab the attention of the market and stayed silent for a long time with small daily trading volume.
Against all odds, this project has witnessed a meteoric rise in early 2026 after its price and market capitalization skyrocketed. By March 22, it hit an all-time high of around $3.83 along with its market capitalization of $2 billion at peak, making it one of the hot trending tokek in a bearish market.
However, again table turned 180 degrees on Tuesday when two on-chain investigators raised serious red flags. After their warnings, the Siren price started to tumble hard. As of now, the SIREN price is trading at around $1.02, which is down by 55.81% in the last 24 hours. Its market capitalization has fallen to approximately $744 million, 24-hour trading volume is around $73 million, and the circulating supply revolves around 728 million SIREN coins.
The warnings came directly from Bubblemaps, a popular on-chain analytics platform, and ZachXBT, an on-chain sleuth. On March 23, Bubblemaps shared a post on X (formerly Twitter).
Warning: 🚨 One entity controls ~50% of $SIREN
One cluster holding over $1,000,000,000
This only ends one way pic.twitter.com/czgthkU8rz
— Bubblemaps (@bubblemaps) March 23, 2026
In the post, Bubblemaps explained the details by highlighting a cluster of more than 200 wallets that were funded through PancakeSwap. These wallets purchased SIREN in two big batches: one in June 2025 and again in February 2025, when the price was very low. The tokens were then spread across 47 different addresses.
Right now, this single group controls about 47% to 50% of the entire supply, which is worth approximately $1.3 billion at the recent price.
On the same day, ZachXBT shared a similar post, where he said, “I started graphing the 48.5% SIREN cluster today on BSC and noticed the addresses link to several obscure DWF-affiliated tokens on-chain (LADYS, RACA, TOMO, etc).”
He did not name the owner of the cluster but pointed out clear on-chain connections to tokens previously linked to DWF Labs. The cluster’s wallets had also withdrawn large amounts, around 484 million SIREN, from a vesting platform called Hedgey Finance just before the price surge. This makes early cheap buys into huge paper gains of around $1 billion.
These posts have attracted the attention of token holders. Traders and the crypto community saw these warnings as proof that one group had acquired a large supply, pumped the price on thin liquidity, and was now ready to exit. Panic selling started immediately, which wiped out more than 10,000 traders in a single day, according to some on-chain trackers.
Is SIREN a Pump and Dump Scheme?
According to the history of pump-and-dump projects, the project is giving classic signs of a potential pump-and-dump scheme. In a normal scheme, insiders linked to the project accumulate a large amount of the supply at a low price by using many linked wallets to hide their tracks. This creates hype to drive the price sky-high, and then sell off or let the price crash while retail investors are left holding the tokens. On SIREN, one anonymous cluster holds around half of the tokens, and this is the biggest red flag of the project. Also, there is no clarification on this from the official.
However, as of now, there is no big on-chain selling from the main wallets yet. Its website and social media account on X are still active. However, according to experts, profits in this setup often come through derivatives rather than direct spot dumps. It is important to take precautions in such a situation.
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