It does have a cool down. You don't get to shoulder charge until you sprint long enough. You make it out like Titans and shoulder charging immediately.
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I watched a titan sc my teammate in air, fall and sprint for not even 3 seconds then jump up and sc another teammate, then die
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Someone was lagging or he might have been using mk44 stand asides. That is the only way to get a SC back so fast.
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Standasides don't make it come up sooner, just gives you longer to use it.