SIREN plummeted more than 70% in less than 24 hours following an on-chain investigation revealing that market maker DWF Labs controls 88.5% of the token's circulating supply, effectively operating as a single-person operation with near-total dominance over spot liquidity.
EmberCN's analysis identified that DWF Labs' SIREN holdings far exceed typical market-making positions, with the firm also holding substantial reserves on centralized exchanges. This concentration grants the entity effective control over price discovery and liquidity conditions, raising questions about the token's genuine decentralization and trading integrity.
Heavy selling pressure emerged shortly after the investigation's publication, as market participants reassessed exposure to an asset with such concentrated ownership. The rapid devaluation underscores growing scrutiny of market-maker arrangements in crypto, where opaque token distribution and intermediary control can create significant counterparty and manipulation risks for retail traders.