Why aren’t more people aware of holder distribution and its importance

Most people in this space spend hours chasing volume, watching influencers, and jumping between new launches. But barely anyone takes 5 minutes to look at the most important thing in any token — the actual distribution. Who holds the supply. How concentrated it is. Whether you’re buying into a fair ecosystem or walking straight into a whale-controlled minefield.

Token concentration is the root of most slow rugs. You don’t need a dev to drain liquidity when the top 10 wallets already hold half the supply. It just takes a few exits to flatten the chart. We’ve all seen it happen. Some meme coin pops off, only to die when the top wallets start moving tokens to CEXs. The price never recovers, and the Telegram just slowly fades out.

The most reliable way to avoid that isn’t guessing vibes or trusting teams. It’s looking at the actual numbers. The tokenomics, untouched by narrative. The real on-chain balance sheet of a project.

I came across one recently that looks completely out of place in this market. The distribution looks like something you’d expect from a five-year-old L1 token or a blue-chip utility coin — not a low market cap meme project.

Top 10 wallets hold just 12 percent of the supply
Top 25 wallets: 21.5 percent
Top 50: 30.3 percent
Top 1000: 78.4 percent
Herfindahl-Hirschman Index score: 29.28 out of 10,000
Supply health rating: 9.8 out of 10

These are textbook decentralization numbers. There’s no single wallet dominance, no signs of smart contracts holding unspoken control, and no quiet power center waiting to nuke retail. This is the kind of structure you usually only see after years of trading, airdrops, redistribution, and organic holder growth.

The reason this stands out is because it’s not coming from a legacy project or a VC-backed ecosystem token. It’s a meme coin. Small cap. Still early. Still unknown to most people in the space.

If you’ve ever heard the term “bluestock” — it’s used to describe the meme coin version of a blue-chip. Something with community roots, fair distribution, strong hands, and clean mechanics. It’s rare to see something actually qualify. Most coins fake the vibe but still have insiders holding 40 percent of supply behind a multisig.

This one doesn’t. On-chain tells the full story.

The project’s called kendu. Look it up if you’re into real tokenomics and you’re done pretending vibes are enough.