Viral Meme Coin SIREN Explodes 150% Daily: Another Rug Pull Incoming?
The cryptocurrency market has as soon as once more been painted purple over the previous 24 hours, but the meme coin SIREN has defied the bearish circumstances by posting a triple-digit value enhance.
Still, many trade contributors stay skeptical of the token and have cautioned buyers to avoid it.
Same Pattern, Different Day
It was simply days in the past when SIREN whales liquidated 670 million tokens (roughly 92% of the circulating provide), thus triggering a serious 95% value collapse. Despite the large decline, the coin headed north during the last day to round $0.11 (a 150% every day enhance) after speculative consumers reportedly stepped in.
Moreover, the coin is the second-most trending cryptocurrency on CoinGecko in the present day, rating above well-known altcoins akin to Solana (SOL), Hyperliquid (HYPE), and Pi Network (PI).
However, many analysts warned that SIREN’s evident pump shouldn’t be mistaken for the start of a brand new bull run. The token has been performing greater than a bit unusually throughout its comparatively brief existence, with every uptick adopted by a violent correction.
X consumer Team LAMBO claimed that “the man behind SIREN ought to be in jail,” noting that each time the worth goes up, “he dumps his tokens.” Many others echoed the same thesis.
Honey believes the newest value drop was primarily supposed to liquidate longs forward of an enormous leap (such because the one seen over the previous a number of hours). The analyst described the mission as “lifeless,” however added that sadly, such tokens are those producing billions in buying and selling quantity.
Previous Warnings
The analytics platform Bubblemaps and the favored blockchain investigator ZachXBT have additionally voiced their considerations about SIREN in latest months. In March, they warned {that a} single entity controls roughly half of the meme coin’s provide, including that “this solely ends a technique.”
An in depth look on CoinMarketCap exhibits that the highest 10 addresses maintain over 82% of SIREN’s provide, which is a serious purple flag. After all, such high focus can result in value manipulation, as those depicted above.
Last however not least, one ought to understand that SIREN is a meme coin whose fundamentals and use circumstances stay doubtful and is principally pushed by hype. This means buyers ought to be ready for high volatility and keep away from allocating greater than they’ll afford to lose.
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