SIREN Meme Coin Plummets by 85% in Just One Day: Is Binance to Blame?
SIREN, a meme coin that surged in value earlier this year, has experienced a drastic decline of 85% within a single day, leading to discussions about potential manipulation by Binance.
SIREN, the meme coin that once captured the attention of the cryptocurrency world with an impressive price rise in March, has now faced a severe decline, plummeting by 85% within 24 hours.
Some analysts had previously indicated the potential for a scam behind the project, and are now unshocked by this recent downturn.
‘Completely Nuked’
Just days ago, SIREN reached an all-time high of approximately $3.60, with a market cap exceeding $2 billion. Its rapid ascent allowed it to jump into the top 50 cryptocurrencies after outpacing Pi Network’s PI.
However, many experts cautioned that this rise was not sustainable, leading to a significant drop to merely $200 million in market capitalization.
SIREN Price, Source: CoinGecko
Analyst Honey claimed on social media that the asset’s price had been ‘completely nuked,’ further speculating that Binance may be responsible for the crash. They suggested that the major cryptocurrency exchange might engage in listing and delisting operations, benefiting from liquidation events.
Honey isn’t alone in attributing blame to Binance; another analyst, UMER, also stated that the exchange profits by manipulating the SIREN price chart.
The token, an AI-driven meme coin on the BNB Chain, is affiliated with Binance as it was launched on Binance Alpha, a platform for early-stage Web3 projects. Several analysts have elaborated on how exchanges could have manipulated such tokens.
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Analyst Jack TZ also noted a troubling pattern involving multiple tokens on the BNB Chain, describing a cycle that involves substantial market cap increases while liquidity remains low, preventing profit-taking opportunities.
“Repeat the process with other tokens on the same BNB chain only. That’s pure money laundering or manipulation against their own users with insider knowledge.”
The Other Red Flags
Concerns have been raised by analytics platform Bubblemaps and blockchain investigator ZachXBT regarding SIREN. Bubblemaps indicated that one entity controls approximately half of the coin’s supply, warning investors of potential manipulation.
A quick investigation reveals that SIREN takes its inspiration from the Sirens of Greek mythology. However, questions about its fundamentals and future use cases linger, with scant information about its development team and objectives.
Such red flags should alert traders and investors, who must recognize that meme coins like SIREN often depend heavily on hype and exhibit unpredictable volatility, leading to sudden collapse episodes.
