SIREN has reversed sharply after a fast rally on BNB Chain, with the AI-focused token falling more than 70% from its March 22 all-time high. The drop came after several days of outsized gains and fresh scrutiny over supply concentration and wallet activity.

SIREN traded near $0.40 on March 10 before climbing to an all-time high of about $3.61 on March 22. The move placed it among the stronger short-term performers in the market during a period when many larger assets posted smaller weekly gains.

That run then reversed. CoinGecko data showed SIREN trading near $1.01 on March 24, leaving the token down about 72% from its peak. Its 24-hour trading range stretched from about $0.80 to $2.56, showing how unstable the market remained after the sell-off began.

Supply concentration drew fresh attention

Part of the pressure came as onchain researchers raised concerns about supply concentration. Bubblemaps said one cluster held close to 50% of SIREN’s supply and warned that the setup carried clear downside risk if those wallets started to move tokens into the market.

The same scrutiny added to wider discussion across crypto social media about whether the token’s rally reflected normal market demand. Public claims on X linked the wallet cluster to known market participants, but no official confirmation was presented in the material reviewed here. That part remains unverified in public reporting.

The latest drop has left SIREN trying to hold above the $1 level after a rapid collapse from its record high. CoinGecko’s market page also showed bearish community sentiment on March 24, reflecting weaker confidence after the reversal.