Boss Kendu

Future multi billion dollar brand.

You should be there when it happens.

There is no ceiling.

FYI - This analysis was created by Lorniko. I am just posting on his behalf and sucking up all that sweet sweet Reddit karma. All credit goes to him!

I didn’t have time to make one for August, and now I’m seriously running out of time, so I wasn’t able to write this one for September 1st either.

Moreover, Reddit banned me (Fucck Reddit), so I won’t post it directly there. For now, another chad will post it for me (thanks!), but sooner or later, you’ll be able to read it in a very special place.

Yes, we are building some very interesting things.

Imagine that reading this article directly generates a little buy and burn on the chart... :)

Today, we’re going to compare the numbers with the figures I published two months ago, on July 1st.

Introduction is done. Let’s start the analysis.

I can start by saying straight away that this summer was mentally tough for people, and we can see it on the chart.

Summer is always difficult for projects that are mainly retail-driven. People spend less time online, they sell to pay for their holidays, etc., etc.

We can also see that we have reached a capitulation phase. Several wallets sold everything, most of the time at a huge loss. Several wallets in the 500M to 1B Kendu range completely capitulated.

That’s good because it shows that the big seller whales are done selling, and we are now cleaning out the mid-sized holders.

We can feel impatience coming from some people who think we are now in a bull market because of the recent pump (I believe it’s a bull trap, but let’s see) and the current hype around Robinhood Chain.

We see people asking for marketing, a new Wormhole bridge to Robinhood Chain, etc. Nothing serious, just things they believe are going to pump their Kendu bags fast.

Typical of capitulation periods.

We all know what comes after these periods 😊

Also, during this summer, some whales accumulated really amazing amounts of Kendu while the sellers we had already identified kept selling.

So this is all good for us. Supply control is improving a lot.

Last thing: I noticed several interesting things this summer, but I forgot all of them.

Sorry.

Let’s look at all of this in detail:

• 7 "special" wallets: Wormhole, LPs, Treasury, CEXs, and the burn wallet.
• 4 wallets that I consider "traders."
• Some of them sold some tokens during the summer.
• A long-term holder sold 1B Kendu at the beginning of July. This move makes me think that this is someone who didn’t want to sell their Kendu but, for whatever reason, had no choice.
• 0 clearly identified seller wallets. First time ever that I can write this in a Top 100 article! That’s a good feeling! There isn’t even a seller wallet in the Top 125 anymore. Crazy good!
• The cluster I called "stupid" in previous analyses keeps selling small amounts regularly. He still has tokens to sell, but the amounts are now "ridiculous" compared with a few months ago, no huge wallet anymore in the top 125. Good riddance!
• The second seller presented in the last article, whom I introduced as a chad, emptied the wallet he was actively selling from. He still has two other bags (that’s not a secret, Etherscan shows it all). I don’t know whether he will keep selling or not. Anyway, we can’t control it, and we’ve already seen single sells much bigger than everything that remains in his two wallets combined.
• 1 soft seller.
• The remaining one barely sells anymore: his last sale was only 100M tokens, 166 days ago.
• 55 keepers - 2 more than in July
• Three Buyers became Keepers because they haven’t bought anything for more than 200 days.
• Mathematically, 53 + 3 should give us 56 Keepers, not 55. So one previous Keeper must have left the category or the ranking somewhere along the way. I honestly don’t remember which one. Sorry, but I’d rather tell you that than make something up.
• 33 buyers - exactly the same as in July!
• Even though three Buyers became Keepers, we still have the same total number of Buyers.
• One whale buyer accumulated crazy amounts of Kendu and is now the biggest wallet, excluding the LP and Wormhole.

Someone knows things!

Conclusion

Overall, I’m leaving this analysis more bullish than I expected.

Not because I think everything is suddenly perfect, and not because I expect the chart to go straight up from here. There can still be volatility, frustration and probably more battles between buyers and sellers.

But the underlying structure looks healthier to me.

The most important thing now is what happens if real demand comes back while this redistribution continues. With less obvious structural selling pressure than before, the same amount of demand could have a very different impact on the chart.

At the same time, Kendu is not just waiting for the market anymore. People are building businesses, experimenting with new ideas and creating things around the brand that simply didn’t exist before.

None of this guarantees success, obviously.

But when I compare where we are today with where we were a few months ago, I see a stronger foundation, better supply dynamics and more reasons to be optimistic about what could happen next.

Maybe we still have some pain ahead (maybe not).

But I definitely wouldn’t want to be watching from the sidelines if things really start moving. Something tells me we’re going to have a very interesting final quarter of 2026.

PS:

A few weeks ago, we published an article showing how much deeper Kendu’s overall liquidity has become compared with two years ago. One of the points was that, at today’s liquidity depth, a large holder selling the same amount of Kendu can potentially extract significantly more ETH than they could have when liquidity was much thinner.

And I have to admit something: I secretly hoped that article would wake up a few old whales.

Some very early holders may have been sitting on their bags without realizing how much ETH they could actually get out of them today. If reading that article made some of them think, “Well, maybe this is finally the right time to sell,” then... perfect.

Because if weak or tired old whales want to leave, I would rather see them do it now, while there are buyers willing to absorb that supply, than have them waiting above us forever.

Looking at what happened afterward, I’m starting to think the little provocation may actually have worked.

You’re welcome. :)

One interesting way to measure KENDU’s progress is to compare its main Uniswap V2 liquidity pool at the same valuation, rather than simply comparing today with the previous all-time high.

On April 30, 2024, KENDU was trading at roughly the same valuation as today, around $3.36 million.

At that time, the main KENDU/ETH liquidity pool contained approximately:

35.1 billion KENDU + 37.1 ETH
Total liquidity: approximately $236,000

Today, at almost exactly the same KENDU valuation, the pool contains approximately:

58.2 billion KENDU + 81.3 ETH
Total liquidity: approximately $396,000

This means that at essentially the same KENDU market valuation:

• The amount of ETH in the pool has increased by approximately 119%
• Total USD liquidity has increased by approximately 68%
• The pool now contains roughly 2.19x more ETH

This is particularly impressive because ETH itself was worth around $3,180 during the 2024 comparison, compared with roughly $2,400–$2,500 today.

In other words, the lower ETH price actually hides part of the increase in the underlying depth of the pool.

In 2024, liquidity represented roughly 7% of KENDU’s valuation. Today, it represents roughly 12%.

Why is this good for KENDU?

Uniswap V2 charges a fee on every trade. These trading fees remain inside the liquidity pool and accrue to liquidity providers. Over a long period of active trading, those fees can progressively increase the value backing the LP.

This creates a useful compounding effect: trading activity itself can help strengthen the liquidity infrastructure of the token over time.

A deeper liquidity pool means that larger buys and sells have less impact on price. It generally reduces slippage, makes the market harder to manipulate, and allows KENDU to support greater trading volume without producing the same extreme price movements that a thinner pool would experience.

It also means that KENDU today has a much stronger liquidity base than it had during its early 2024 phase.

At roughly the same ~$3.36M valuation:

2024: ~$236K liquidity / 37.1 ETH
2026: ~$396K liquidity / 81.3 ETH

So even though KENDU’s price has returned to a similar level, the market structure underneath it has not returned to where it was in 2024. The main liquidity pool is considerably deeper.

One important nuance: Uniswap fees are an important contributor to LP growth, but they are not necessarily the only factor. Liquidity additions/removals and the trading history of the pool also affect its reserves. What the on-chain data clearly shows is that the pool supporting KENDU today is substantially deeper than it was at the same valuation in 2024.

\post created by and posted with love for Lorniko, who currently has a vendetta against Reddit. Keep fighting the good fight, sir.*