Memecoin SIREN Surges Over 185% — But Most Tokens Are Held By A Few Wallets

• Siren, a memecoin, surged 26-fold over a six-week period and is now up over 186% in the last 24 hours. 
• On-chain data showed that a single controller consolidated 66.5% of the total supply into 48 wallets.
• Memecoins like Dogecoin have historically recorded sharp price increases over short periods.

Siren (SIREN), an AI-based memecoin on the BNB Chain (BNB), surged 26-fold over the span of six weeks, while market activity around it increased. 

On-chain analyst Yu Jin pointed out that wallets linked to Siren Controller had consolidated 66.5% of the total supply of the Siren token from hundreds of wallets into 48 wallets within a few hours on Sunday. The consolidation involved 484.6 million Siren tokens, valued at approximately $1.09 billion at current prices. 

He added that these tokens were purchased at approximately $0.045 per token at the end of June last year, involving hundreds of wallets, for a total of about $21.8 million. Their current value represented a “47-fold increase” from the initial purchase cost.

The consolidation came after a sharp price increase over a six-week period, during which Siren rose from $0.08 last month to above $2. 

Siren was up by almost 186% over 24 hours. On Stocktwits, the retail sentiment around SIREN dropped from ‘bullish’ to 'bearish' territory, as chatter levels around it moved from ‘high’ to ‘extremely high’ over the past day.

Memecoin Mimics Rugpull

Siren was introduced in February last year after being named a winner in the Meme Liquidity Program, sponsored by the BNB Chain. 

The project recorded about $13.16 million in trading volume during the competition and received $200,000 in liquidity support. The platform was designed to aggregate blockchain data, including price, liquidity, and wallet activity, to generate trading signals. It also tracks large wallet movements and analyzes market activity to provide users with data-driven insights.

Memecoins, which are cryptocurrencies typically driven by online communities and internet culture, have historically seen sharp price gains. 

Siren’s price movement followed a pattern seen in other memecoins. 

In 2025, an unofficial memecoin promoted on Coinbase's Base network reached a market cap of $17 million before crashing by more than 90% over a few hours as big holders sold their positions. This led to backlash and accusations of rug-pulling. But later, Base responded to the backlash, saying they would never sell their holdings and that they weren't an official network token.

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