Siren Token’s Explosive Rise To $2B Market Cap Sparks Centralization Concerns

The recent surge of SIREN has been hard to ignore. In less than a month, the token climbed from a $160 million valuation to an eye-catching $2 billion market cap. Moves like this usually draw excitement, but in this case, they’re also raising a few eyebrows.

At first glance, it looks like a classic breakout story. But a closer look at the data suggests something more structured may be happening behind the scenes. As SIREN trends across the market, conversations are beginning to shift from hype to how exactly this growth is being driven.

$SIREN hit a market cap of $2B in less than a month from $160M.

Do you think it's overpriced or will it hold? pic.twitter.com/8X00FFX6Xm

— CoinGecko (@coingecko) March 23, 2026

SIREN’s rally doesn’t seem to be fueled purely by organic demand. According to on-chain analysis, a single dominant player appears to have been quietly accumulating a massive share of the supply.

Crypto analyst Ember reports that the actual control ratio of the main SIREN whale sits at around 88.5%. That’s a noticeable jump from the previously stated 66.5%, and it changes the picture quite a bit.

When exchange-held tokens are included, the level of control becomes even more striking. At that point, the whale is effectively sitting on most of the circulating supply. That kind of concentration doesn’t just influence price, it can shape the entire market behavior around the token.

It also helps explain how SIREN managed to post a roughly 30x gain in just over a month.

好吧，$SIREN 庄家控盘的代币并不止 66.5%，而是 88.5%