understood however when looking at coin like Covalent, the top 100 own 99%. does this matter ?? I thought maybe supply should be more spread
Of course it does matter, if top 100 owns 99% then something is wrong with that project.
It can easily be manipulated for instance, or what if those suddenly dump the coins in the market? What will be the results? It will be a disaster for those small holders.
To be fair, there are a lot of projects like this, so personally, I would stay away from this projects.