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> **Note:** Manipulation and insider-trading claims described here are allegations raised by on-chain analysts and reporters; investigations were reported as ongoing and no findings are asserted as proven.

## Summary

$SIREN was promoted as an AI/meme token but had no live product (an AI agent and DEX were listed as "coming soon"). The token spiked roughly 6,800% — from about $0.026 to above $3.80 — before collapsing more than 90%, a pattern analysts described as a classic pump-and-dump rather than organic demand. [1][2]

## Concentration and the dump

On-chain analysis flagged extreme supply concentration, with closely linked wallets reportedly controlling a large majority of the supply (estimates ranged from ~50% up to ~88%), and nearly 90% sitting in only a few addresses ahead of the surge. A single whale then sold roughly 670 million tokens — about 92% of circulating supply — over about two days, taking in an estimated $64.8M in USDT and crashing the price ~95% within a week. Exchanges and analysts were reported to be examining whether market misconduct occurred. [1][2][3]

_Bracketed numbers refer to the numbered sources listed below._

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