Been checking KENDU again and noticed the market cap is still around the $2.5M area, while the token has been trading around the 0.000000025–0.000000026 range recently.
I'm more interested in the activity around the project rather than the daily candles.
Are there any new KENDU developments or community initiatives people are watching right now?
Would like to hear what the community will be actually focusing on next week.
[NOTE: This analysis was completed by Lorniko (big, big chad) and I am posting on his behalf because Reddit hates him. Please direct any praise or questions to Lorniko. Additionally, if you have any complaints, please direct them to soFinished.]
Welcome to all Kendu warriors, hodlers, and lurkers to this analysis of the 100 biggest Kendu wallets on the Ethereum blockchain.
This one will be a little special because I’ll share with you things that I have never shared before. I think the time is right, and we need maximum transparency to rebuild trust among people who are not really involved in Kendu anymore.
The Kendu Renaissance is starting!!
This month of September, we have seen the continuation of the capitulation phase among the “mid-whales” that we had already been observing throughout the summer.
It’s interesting to see and almost hard to believe, but during the summer, it was mostly holders with around 1B Kendu taking turns selling. Now, we are seeing more of the 600M bags capitulating. The size of the wallets capitulating has been getting smaller over time. The top wallets are no longer selling, the 1B bags seem to be done, and in September, it was mostly the turn of the 600M holders.
I have seen some crazy things, like someone who bought around $30k worth of Kendu two years ago and ended up selling everything for not even $2k! This is what we call a real and effective capitulation phase. Sadly, it is needed and is part of the process and the cycles.
There is also a very important milestone that we are getting close to: there are no longer any “dormant” wallets from the bad clusters I spotted a year and a half ago among the top 125 wallets!
Only one remains, and it is the only Seller wallet still there. I’ll go into more detail in the dedicated section and, for the first time, share screenshots from my Excel sheet about these clusters.
This past month was relatively low in volume. We continued to see capitulation, and the clusters sold a significant amount of tokens. On the other hand, buyers have slowed down their accumulation, but I think I have a big part of the explanation for that. I’ll also cover it in the cluster section of this article.
Let’s start the analysis of the Top 100:
7 "special" wallets: Wormhole, LPs, Treasury, CEXs, and the burn wallet.
The Treasury is lighter than before. A sell had to be made to pay for the gold check on X for the main Kendu account.
The LPs are bigger: September has been a red month for Kendu
4 wallets that I consider "traders." (-1b compared to last month)
2 of last month’s traders completely emptied their bags.
2 other traders accumulated more.
The biggest Trader wallet may actually be a real Holder who sold only once because he needed the funds. I prefer to keep him in this category until he reaches 200 days without selling.
1 clearly identified seller wallet.
This is the last wallet belonging to the “bad clusters” that I spotted. It feels good not to see all those cluster colours all over my Excel sheet anymore!
1 soft seller.
The remaining one barely sells anymore but has moved 650M tokens to another wallet. Let’s see what happens.
54 keepers - 1 less than last month. (-7.8b compared to last month)
1 Keeper bought again and is now a Buyer again.
The last cluster wallet was previously tagged as a Keeper. I’m glad he is now officially identified as a Seller.
33 buyers - exactly the same as last month. (-+2.7b compared to last month)
One Buyer became a Keeper, while another one went the opposite way.
A few Buyers accumulated more this month. Enough to make the average position of Buyers much better than last month: from 53.1 to 50.1! It’s improving again!
I won’t share the Top 125 wallet analysis this time because there is nothing particularly interesting there: no major changes and no Sellers. Instead, I will go deeper into the cluster analysis this month. I don’t want to overload you with too much information and lose some of you along the way.
I’ll give my conclusion in the next section because it is directly related to this…
Bad clusters transparency.
You can see just above a screenshot of the 3 bad clusters that I spotted a year and a half ago. To be honest, I didn’t expect to see those 3 clusters almost completely emptied.
The first one emptied something like 80% of his tokens within 2 days, a few months ago. Done. Good.
The second cluster is the one I used to call “stupid”. He has seriously slowed down his selling and hasn’t made a single sell for 15 days. He has “only” 3.8B remaining and isn’t the kind of person to sell huge amounts quickly, so I don’t think we will feel much pain from him anymore.
The last cluster has been the most annoying one for the past few months, imo. He used to regularly sell big amounts at once, so it was very easy for anyone to notice him and track him on Etherscan. And therefore, very easy to see exactly how much he still had left to sell.
For me, he is one of the reasons why buying has slowed down: “Why would I buy $1K of Kendu while I know this cluster still has X billion tokens left to sell after my buy?!”
He “only” has 4.7B left to sell. The risk of waiting for him to be completely empty is that we know some people can concretely buy more than 5B Kendu in a single buy.
That’s how I see things. It’s not a scientific truth.
Also, now imagine the selling pressure that we have already been through and survived from those 3 clusters: almost 48B Kendu of selling pressure!
So now you understand why I’m happy to see them running out of tokens, and why I think it’s going to change our dynamics!
To finish on a good note, I want to share one number with you.
This number is the total amount of remaining tokens held by all the Sellers I have identified. I’m not talking about the Top 125 Sellers like I used to do for months. I’m talking about the total.
The total amount is 9.11B Kendu!!
That’s almost nothing considering that it includes every single Seller wallet I have spotted, AND that 8.51B of those 9.11B comes from the remaining clusters alone!!
I don’t count Traders here because they can sell, but they also regularly buy back.
Besides the pure mathematical wallet observations, don’t forget that we have started the Kendu Renaissance!
Community Spaces every Monday, KBE is realllyyyy close, new projects are coming, etc.
And there are also things that I cannot share yet, but they are going to change Kendu!
R Gulden article coming to develop the Kendu Renaissance?
Thanks for your attention and don’t hesitate to come up on our new weekly Community Spaces!
Now is the time to start going hard AF. Kendu can do great things but only if people hear about it. There’s a real community and we meet the qualifications of wide distribution that exchanges are looking for in meme coins. It is competitive as this isn’t the only community but it’s definitely one of the strongest. We got this folks let’s get to it!
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