The KENDU Monthly · No. 21

November 2025

At the end of November 2025, 49.5% of the KENDU in wallets and treasuries had sat for over a year, and on average it had sat 347 days. 14,489 wallets held KENDU on Ethereum. On Uniswap, 131 wallets bought and 279 sold during the month.

On-chain data to 30 Nov 2025.

What holders built in November

In KENDU’s story

Proof on-chain

Kendu Spice (thespiceguy.eth): no change in Nov, 6M KENDU in its wallet.

Kendu Brilliance (kendubrilliance.eth): no change in Nov, 34M KENDU in its wallet.

The wallets and what each project says it gives back are on the Projects page.

How it’s counted
The Ethereum wallets that projects list on the Projects page, month end against month end, from the same replay of every transfer. A rise means more KENDU arrived than left; the chain doesn’t say from where. Burns of 1M+ from these wallets are listed one by one.

The last three months

The three months to the end of Nov 2025

Better for holders

  • more of the KENDU in wallets and treasuries has sat a year
  • KENDU is being held longer
  • fewer wallets are selling on Uniswap

The other way

  • fewer wallets are buying on Uniswap
  • fewer buyers are on a streak

About the same: wallets holding KENDU; how spread out KENDU is.

Held 1+ year at each month end49.5% of the KENDU in wallets and treasuries at the end of Nov 2025
Wallets buying and selling on Uniswapbuying 131selling 279in Nov 2025

How long KENDU is held

Held 1+ year

49.5%better for holders: rising for 9 months, from 1.4%

of the KENDU in wallets and treasuries, unmoved for over a year

42.2% at the end of Oct

the highest at a month end so far

Average time held

347 daysbetter for holders: rising for 12 months, from 138 days

the KENDU in wallets and treasuries, weighted by amount

330 days at the end of Oct · 138 days a year earlier

the longest at a month end so far

49.5% of the KENDU in wallets and treasuries had not moved for over a year at the end of Nov: 428B of 866B.

On average, the KENDU in wallets and treasuries had sat in its wallet 347 days at the end of Nov, weighted by amount.

How it’s counted
Per token: a wallet’s oldest KENDU leaves first, and KENDU arriving in a wallet starts at zero, even from the same owner.

Wallets holding KENDU

Wallets holding KENDU

14,489about the same as in Aug

on Ethereum, wallets with 1 KENDU or more

14,586 at the end of Oct · 13,544 a year earlier

the fewest at a month end since Nov 2024

Wallets holding half

146about the same as in Aug

the fewest holder wallets that together hold half of the KENDU in holder wallets

144 at the end of Oct · 94 a year earlier

14,489 wallets held KENDU on Ethereum at the end of Nov, 97 wallets fewer than at the end of Oct.

Half of the KENDU in holder wallets sat in 146 wallets.

How it’s counted
Holder wallets only: no pools, bridge, exchanges, treasuries or the burn address. One person can own several wallets.

On Uniswap

Wallets buying on Uniswap

131the other way for holders: down since Aug, from 246

each wallet counted once in the month

259 in Oct · 357 a year earlier

the fewest in a month since Apr

Wallets selling on Uniswap

279better for holders: down since Aug, from 523

each wallet counted once in the month

407 in Oct · 1,335 a year earlier

the fewest in a month so far

KENDU bought on Uniswap

62.36B

all wallets together

72.82B in Oct · 228B a year earlier

KENDU sold on Uniswap

69.49B

all wallets together

73.22B in Oct · 239B a year earlier

131 wallets bought KENDU on Uniswap in Nov and 279 sold, each wallet counted once.

62.36B KENDU was bought and 69.49B sold: 7.13B more sold than bought.

How it’s counted
KENDU leaving a Uniswap pool to a wallet is a buy, a wallet sending KENDU to a pool a sell; adding liquidity also counts as a sell, removing it as a buy.

How old the sold KENDU was

  • Sat under 30 days74.74B76.0% of it
  • Sat 30 days to 6 months11.94B12.1% of it
  • Sat 6 to 12 months7.65B7.8% of it
  • Sat 1 to 2 years4.02B4.1% of it

98.35B KENDU was sold straight from wallets in Nov: into a Uniswap pool, to an exchange or through a swap router. That counts more places than On Uniswap above, so the two totals differ.

76.0% of it had sat in its wallet under 30 days.

4.1% of it had sat over a year; in Oct, 5.1% of what was sold had.

How it’s counted
Age is per wallet: KENDU moved to another wallet starts again at zero there, so a holder who moves wallets looks young.

Buyers on a streak

Buyers on a streak

141the other way for holders: down since Aug, from 169

a buy in 3+ months, at most 2 in a row without one

158 at the end of Oct · 721 a year earlier

the fewest at a month end since Jun 2024

141 buyers were on a buying streak at the end of Nov.

How it’s counted
A wallet (or wallets that move KENDU between them) with a buy in 3 or more months, never more than 2 months in a row without one; counted at each month end.

New buyers, and who stayed

New buyers

65

wallets whose first KENDU was bought this month, holding 1M+ at its end

170 in Oct

Of the 209 new buyers of Aug, 152 (72.7% of them) still held at least half of their KENDU at the end of Nov.

Of the 302 new buyers of May, 179 (59.3% of them) still held at least half of their KENDU at the end of Nov.

Of the 721 new buyers of Nov 2024, 385 (53.4% of them) still held at least half of their KENDU at the end of Nov.

How it’s counted
A new buyer’s first KENDU was bought (on Uniswap, from an exchange or through a swap router) and the wallet held 1M+ at that month end. KENDU moved on to a wallet that looks like the same holder still counts.

Burns

No burns of 1M+ KENDU in Nov.

3.25B burned in all by the end of Nov, 0.33% of all 1 trillion KENDU.

How it’s counted
Burned = KENDU sent to 0x…dEaD, which nobody can move. Only burns of 1M+ KENDU are listed one by one.

Bridge

Locked in the bridge

48.52B

KENDU held by the Wormhole bridge on Ethereum for Solana and Base

47.41B at the end of Oct

the most at a month end so far

9 wallets sent 7.69B KENDU to Solana and Base through the Wormhole bridge in Nov.

6.57B came back to 12 wallets on Ethereum.

How it’s counted
On Ethereum: KENDU sent into the bridge and released from it. Wallets on Solana and Base aren’t counted here.

A year on

Of the 8,800 wallets that held 1M+ KENDU at the end of Nov 2024, 4,649 (52.8% of them) held about the same at the end of Nov, within 5% of their bag.

The rest: 942 held more, by over 5% of their bag; 291 held less, by over 5% of it; 2,918 held under 1M.

2,848 wallets that held under 1M then held 1M+ at the end of Nov.

The 250 biggest holder wallets of Nov 2024 held 637B then and 314B at the end of Nov: 94 still held at least 95% of their bag, 111 held under 1M.

How it’s counted
Holder wallets only. A move to another wallet counts as leaving, even between wallets of the same owner, so these counts differ from the Overview’s, which counts a holder’s own wallets once.

Records and lows in Nov 2025

  • Held 1+ year: 49.5% of the KENDU in wallets and treasuries, the highest at a month end so far.
  • Average time held: 347 days, the longest at a month end so far.
  • Wallets selling on Uniswap: 279, the fewest in a month so far.
  • Locked in the bridge: 48.52B KENDU, the most at a month end so far.
How it’s counted
Against every full month before this one since Mar 2024 (launch week left out). “Since” is the last month at least as high, or as low, when that was 6 or more months back. Green is better for holders, grey neither.

Pass it on

The KENDU Monthly, November 2025: Held 1+ year 49.5% of the KENDU in wallets and treasuries; Wallets holding 14,489 on Ethereum; On Uniswap 131 / 279 wallets buying / selling

The card shows this issue’s numbers. “Make your own card” opens Explore & share with today’s numbers for the last 30 days.

Every number comes from replaying every KENDU transfer on Ethereum since launch (Method). Full calendar months only, in UTC.