BlockBeats reports that on March 23, according to EmberCN monitoring, the control situation of SIREN tokens far exceeds previous expectations, with a suspected single dealer controlling about 88.5% of the circulating supply (approximately 644 million tokens, valued at around 1.44 billion USD).
Among the top 54 addresses by holdings, aside from the burn address and Binance Web3 wallet, the remaining 52 addresses are highly correlated, of which 48 are recent centralized accumulation addresses, and the remaining 4 addresses' chips can also be traced back to the same batch of positions established from late June to early July 2023.
Analysis indicates that the dealer has previously completed about 66.5% of the token's centralized accumulation. Combined with CEX holdings, the actual control ratio has further increased. In the context of high control, the market believes that it has obtained profits by controlling spot liquidity and conducting counterparty operations in the derivatives market, forming a 'self-directed performance' price mechanism. This may be the core reason for SIREN's approximately 30-fold surge in the past month and a half.
In addition, there are opinions linking the relevant address to the market-making institution DWF Labs, which publicly holds about 3 million SIREN tokens. Shortly after a recent transfer, large-scale aggregation behavior appeared, but this connection has not yet been officially confirmed.