understood however when looking at coin like Covalent, the top 100 own 99%. does this matter ?? I thought maybe supply should be more spread
If that be the case, then it's not a good Investment option as there is way too much monopoly in that project, and then again coins like this are more or less shitcoins, you really should have nothing to do with such projects, these holders can destroy the project in a single day by selling every of the coin they have, making the project a short term/unsuccessful one. You should be interested in long term projects like Bitcoin and maybe ethereum, coins that absolutely nobody has control over and even the government cannot destroy it, not coins that the actions of a 'few' can signal the end of it.