The cryptocurrency market has once again been painted red over the past 24 hours, yet the meme coin SIREN has defied the bearish conditions by posting a triple-digit price increase.
Still, many industry participants remain skeptical of the token and have cautioned investors to steer clear of it.
Same Pattern, Different Day
It was just days ago when SIREN whales liquidated 670 million tokens (roughly 92% of the circulating supply), thus triggering a major 95% price collapse. Despite the massive decline, the coin headed north over the last day to around $0.11 (a 150% daily increase) after speculative buyers reportedly stepped in.
SIREN Price, Source: CoinGecko
Moreover, the coin is the second-most trending cryptocurrency on CoinGecko today, ranking above well-known altcoins such as Solana (SOL), Hyperliquid (HYPE), and Pi Network (PI).
However, many analysts warned that SIREN’s evident pump shouldn’t be mistaken for the beginning of a new bull run. The token has been acting more than a little strangely during its relatively short existence, with each uptick followed by a violent correction.
X user Team LAMBO claimed that “the guy behind SIREN should be in jail,” noting that every time the price goes up, “he dumps his tokens.” Many others echoed a similar thesis.
Honey believes the most recent price drop was primarily intended to liquidate longs ahead of a massive jump (such as the one seen over the past several hours). The analyst described the project as “dead,” but added that unfortunately, such tokens are the ones generating billions in trading volume.
Previous Warnings
The analytics platform Bubblemaps and the popular blockchain investigator ZachXBT have also voiced their concerns about SIREN in recent months. In March, they warned that a single entity controls roughly half of the meme coin’s supply, adding that “this only ends one way.”
A detailed look on CoinMarketCap shows that the top 10 addresses hold over 82% of SIREN’s supply, which is a major red flag. After all, such high concentration can lead to price manipulation, as the ones depicted above.
SIREN Holders Distribution, Source: CoinMarketCap
Last but not least, one should keep in mind that SIREN is a meme coin whose fundamentals and use cases remain dubious and is mainly driven by hype. This means investors should be prepared for high volatility and avoid allocating more than they can afford to lose.
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