Funding's a distraction here, a cartoon cat token with this kind of volume chop isn't being driven by sophisticated perp traders, it's retail spot buyers chasing a meme and you're overthinking the mechanism.

Retail spot doesn't create this kind of structured chop, someone's running size on the perp side and using the spot narrative as cover, funding tells you exactly where the leverage is sitting whether you like it or not.

Structured chop doesn't require a sophisticated perp operator, a rotating cast of retail tourists all buying the headline dip and panic-selling the same resistance level produces exactly this kind of mechanical zigzag, I watched it happen with a dozen meme tokens in 2021 without a single whale in sight.

Base rates say most 17% moves don't rug. You're filtering for a 5% scenario like it's 50%.

Still sitting out til it retests tbh

Daily close won't tell you much when the pattern here has been gap up, gap down, gap up, whatever closes tonight just becomes the next fakeout reference point.