SIREN Protocol's Whale Control Exposed at 88.5%, Market Maker Used Spot + Derivatives to Stage 30x Price Pump

March 23 — EmberCN monitoring reveals SIREN token’s whale control far exceeds prior expectations, with a suspected single whale holding ~88.5% of its circulating supply (about 6.44 billion tokens, worth ~$14.4 billion). Among the top 54 holding addresses, 52 are highly interconnected — excluding burn addresses and the Binance Web3 wallet. Of those 52, 48 are recent centralized aggregation addresses, while the remaining 4 trace their tokens to the same batch accumulated between late June and early July 2023. Analysis shows the whale previously held ~66.5% of tokens; combined with CEX holdings, actual control is even higher. Against this high-concentration backdrop, the market believes the whale profits by controlling spot liquidity and arbitraging the derivatives market — forming a “self-directed” pricing mechanism, which may drive SIREN’s nearly 30x surge over the past month and a half. Additionally, some views link the relevant addresses to liquidity provider DWF Labs. Its public wallet holds ~3 million SIREN tokens, and large-scale aggregation activity emerged shortly after a recent transfer. This connection, however, has not been officially confirmed.