Gate News, March 25 — Nearly seven hours of SIREN reappearing with a “market control” pattern, continuously rising over 130%. Currently trading at $2.28, with a market cap of $1.67 billion. Previously disclosed, the control of SIREN tokens far exceeded expectations, with a suspected single whale controlling about 88.5% of the circulating supply (approximately 644 million tokens worth about $1.44 billion). Among the top 54 addresses by holdings, excluding burn addresses and a certain CEX Web3 wallet, the remaining 52 addresses are said to be highly interconnected, with 48 of them recently concentrated in accumulation addresses. The other four addresses’ holdings can also be traced back to the same batch of initial positions built between late June and early July 2023. Analysis indicates that this whale has previously accumulated about 66.5% of the tokens, and combined with CEX holdings, the actual control ratio has further increased. Under the context of high market control, it is believed that they manipulate spot liquidity and conduct counterparty operations in derivatives markets to generate profits, forming a “self-directed” price mechanism. This may be the core reason behind SIREN’s approximately 30-fold surge over the past month and a half.
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