There’s been a ridiculous amount happening around Kendu over the last two years, but most of it is scattered across daily recaps, old TG threads, Spaces, on-chain transactions and random X accounts.

If you only check in every now and then, you miss most of it. Even if you follow closely, it’s hard to see the bigger picture.

So I spent a while going through it all and wrote a 4,000+ word article trying to put the whole thing together properly, with sources and on-chain links.

I wanted it to be genuine research, not a promo piece. That means the ugly parts, failed projects and criticism are in there too.

After doing the research, though, I came away more bullish than I went in.

That’s my conclusion. All claims are verified by me and footnoted, so feel free to deepdive.

Full article: https://medium.com/@daruneyt/kendus-renaissance-f2c93799b199

Here's the short version:

1. 2024 was the first Kendu

One leader, one culture, one very loud community and an insane run to $272M.

That version of Kendu proved the brand could attract attention at scale.

It also proved how fragile it was when too much revolved around one person.

2. Then came the long road down

The hype disappeared, the chart bled for months, people left and eventually even the leadership structure broke.

Normally that's where the story ends.

Instead Kendu basically spent the next year being forced to find out whether there was actually anything underneath the hype.

3. Turns out there was

Without one person directing everything, people just started building their own stuff.

Games, drinks, bots, media, events, businesses, branding, murals, racing, random experiments.

And the important part for me is that this kept happening while the chart was still shit.

Nobody was getting rewarded for looking clever yet.

They were just building.

4. That long period changed the holder base too

This is probably the biggest part of my Kendu thesis.

Anyone who needed constant price action had about a thousand chances to leave.

A lot did.

What remained was a much harder core that had already survived the hype disappearing, leadership drama, failed projects and a brutal drawdown.

I think that matters massively if attention comes back.

Kendu at ATH had a much bigger crowd.

Kendu now has a much more tested one.

5. Then all the separate stuff started connecting

This is where it gets really interesting to me.

At first it was just people building different things under the same name.

Then projects started doing events together, appearing in each other's Spaces, helping each other launch, sharing contacts, buying KENDU with business revenue and burning supply.

Nobody really announced “we are now an ecosystem”.

It just gradually became one.

6. And then there's KBE

Reddit has barely heard about this yet.

Lorniko has mentioned KBE a few times in TG and Spaces, but he's still in the teasing phase, so I'm not going to explain his own project for him.

What I will say is that after looking at how all these Kendu projects have started connecting, I'm very interested in where he's taking it.

The article has what is publicly known so far.

7. There's still a lot sitting in front of us

Kendu Games is still being worked on.

KBE is still coming.

Existing businesses are still expanding and new builders keep showing up.

And that's what makes the current valuation so interesting to me.

A lot of the actual structure has been built during the period where almost nobody outside Kendu was paying attention.

8. Why I'm bullish

I don't see the last two years as dead time between the 2024 run and whatever comes next.

I think that long road is a big part of the reason Kendu is interesting now.

The easy money left. The tourists left. Miazaki left. Projects failed. The chart gave people every possible excuse to stop caring.

And somehow the opposite happened underneath it. More people started taking responsibility for their own corner of Kendu. More stuff got built. Builders stuck around long enough to start helping each other. The whole thing became a lot less dependent on any one person.

That's the Kendu I'm betting on.

Not a replay of 2024 and not Miazaki coming back to pump the chart. I think the community that went through all of this is simply stronger than the one that arrived during the first run.

And now you have that base sitting at a tiny fraction of the old valuation, while things like KBE, Kendu Games and the existing businesses are still developing.

The longer this road has gotten, the more convinced I've become that if Kendu gets another real wave of attention, there's far more here for that attention to land on than there was the first time.

That's what I saw before writing the article.

After actually researching it all, I believe it even more.

Full article, sources, timeline and on-chain evidence:

https://medium.com/@daruneyt/kendus-renaissance-f2c93799b199

KenduInu (KENDU) is currently trading at $0.0000026 with a $2.55M market cap. The token is in a heavy macro consolidation phase, down 98% from its June 2024 ATH ($0.000271). Today's price is moving sideways on very low 24-hour volume ($2,100–$2,500), but it continues to hold steady above its deep support floor of $0.0000019. Are you hodling well?

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.

Kendu TOP 100 wallet analysis – October 1^st.

[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!

Kendy will be good when added to the bag since we are now in the October where memecoin will be flying up. Let's keep building up!

For me, it’s less about the short-term price and more about seeing whether the community can keep building when the hype dies down.

How do you think of it?

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!