In January, the original Kendu developer launched a Solana Wormhole version of the token. Shortly after the launch, he attempted to dump his entire holdings on the community. What followed was a steep drop in price and a wave of people leaving, assuming the project was over.
But a strange thing happened: the community didn’t disappear.
Kendu kept trading. Holders kept holding. And the ownership distribution quietly became one of the fairest in the space.
The Herfindahl-Hirschman Index (HHI) — which measures how concentrated token ownership is — is currently around 30 for Kendu. For context, a lower HHI means more decentralization. Most meme tokens score in the hundreds or even thousands. PEPE is around 1250. WIF sits above 400. Kendu’s score is almost unheard of.
That’s because after the dev dumped and left, tokens naturally redistributed through organic trading. There were no insider allocations, no early VC wallets, no team-controlled reserves. It’s held almost entirely by public wallets.
In other words, it’s what people say they want in a meme coin: no gods, no insiders, no central control.
There’s no promise being made here. Just data. The chart still reflects the damage from January, and this isn’t some overnight flip story. But if you’re the kind of person who looks past hype and into ownership structure, Kendu is worth looking at again.
No whitelist. No airdrop. No narrative built in advance. Just a project that got betrayed early, and still found its way into thousands of retail wallets anyway.
That’s decentralization by accident; and that might make it more real than most.
submitted by /u/kingkongbananakong
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