All 52 top holder addresses belong to the same group as DWF Labs.
- Editor's Note
- Wallet Address: https://intel.arkm.com/explorer/entity/048c9efe-27e9-4581-b433-066c807af2f9
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Source: Arkham Intelligence
30 times in a month and a half
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SIREN recorded an all-time high of $0.965 (KRW 1,443) on the 19th, and subsequently surged an additional 76.6% within 24 hours to reach $1.62 (KRW 2,422). At one point, it rose by 183% in a single day. The cumulative increase over about a month and a half has reached 30-fold. Yesterday, it continued its upward trend by soaring to $4.80 (KRW 7,176), but as of 11:20 AM today, it is trading at $2.54 (KRW 3,797), down approximately 47% from its peak.
52 out of the top 54 holder addresses are wallets belonging to the same group.
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Source = CoinMarketCap (CMC)
On the 23rd, on-chain analyst Yeo Jin released the results of a comprehensive analysis of SIREN token holder rankings. Among the top 54 addresses, the Burn wallet was identified as the number one, and the Binance Web3 wallet as the number three. The remaining 52 addresses were all identified as belonging to the same single group. Of these, 48 were addresses that had intensively accumulated SIREN the previous night, and the remaining four were also tracked to have purchased in the same pattern during the same period from late June to early July of last year.
Large-scale gathering on the night of March 22… Actual control rate confirmed at 88.5%
Last night, the group concentrated the transfer of SIREN tokens, amounting to 66.5% of the total circulating supply, to specific addresses in a short period. Immediately after this became known, analysts reviewed the full list of holders and confirmed that the actual control ratio was much higher at 88.5%. When the volume held on centralized exchanges (CEXs) is added to this, the structure is such that a single entity effectively controls the entire spot supply.
Realizing profits in the derivatives market after monopolizing the spot market… A typical market manipulation structure
The core of this structure is a method of artificially inflating market prices by controlling almost the entire spot volume, and then maximizing profits in the futures and derivatives markets based on those price movements. Since prices can be arbitrarily manipulated without selling the spot assets, ordinary investors are exposed to price movements designed by market manipulators, mistaking the market for one where normal supply and demand operate.
"The forces behind this coin control almost all spot markets and have created a structure where they effectively move the market alone," the analyst stated, adding that this is the actual reason behind Siren's 30-fold rise in just a month and a half.
Circumstances suggesting DWF Labs' involvement… Large-scale gathering occurred the day after the shipment transfer
On-chain circumstances have also been detected that increase the likelihood that the group in question is DWF Labs. On the 21st, 2,999,900 SIREN tokens (valued at $2.73 million or 4.08 billion KRW at the time) were transferred from DWF Labs' public wallet to an anonymous address (0x4Df6…). On the night of the 22nd, the very next day following this transfer, a massive concentration of tokens amounting to 66.5% of the total circulating supply occurred. DWF Labs' public wallet still nominally holds 3 million SIREN tokens.
A token in which a single entity holds 88.5% of the spot market can experience a vertical price drop based solely on that entity's decision to sell. On-chain data has confirmed that the current price movement of the SIREN token is not the result of natural market supply and demand, but rather the result of intentional volume control by a specific entity.
Choi Joo-hoon joohoon@blockstreet.co.kr
