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SIREN crashed about 75% to $0.126 after a whale reportedly sold 17 million tokens across multiple wallets.Open interest fell nearly 40% to $28 million as traders unwound positions and reduced leverage.The sell-off renewed concerns over token concentration, with analyst EmberCN claiming whales control 94% of SIREN’s supply.

SIREN’s Binance perpetual contract rose 22.82% on May 8, touching a session high of $1.2965 on volume of 139.23M tokens.The 4H spot chart on MEXC printed a long upper wick at $1.2207 and reversed 3.11%, signaling sellers stepped in at resistance.The daily MA ribbon has fully flipped bullish with all four SMAs stacked below price, but the MACD on the 4H is issuing the first caution flag of the latest rally.

ZachXBT has been calling out more and more relatively small projects for alleged manipulation, most recently including the AI trading terminal project called LAB.On Thursday, after failing to connect through private DMs, ZachXBT posted a bounty for information related to LAB founder Vova Sadkov’s alleged pump-and-dump scheme using centralized exchanges.

RAVE plunged from $26 to under $1 after ZachXBT raised market manipulation concerns publicly Friday.ZachXBT said wallets linked to early distribution controlled about 95% of RAVE’s total supply.Binance, Bitget, and Gate.io acknowledged probe calls as RaveDAO denied involvement in price action.

Onchain analyst EmberCN warned that Siren’s rally may stem from one party cornering spot supply to profit via derivatives.