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.
I have seen many projects that made more than 20X when the top 10 holders have 90% of the total supply. Actually, it's risky to put any money on those projects but for a working project, I saw the team push the price exponentially by keeping most of the supply out of circulation. The team will surely sell their token gradually but for quick profits, I can risk some money to those projects.