Personally, I would lean more towards Net tokens in circulation / net income as being more north Star than # of token holders.
As an aside ‘# of token holders’ needs, a bit of a caveat as some wallets contain dust. Discord
The key point is, what’s better:
- 1 Whale with $1,000,000 worth of DPI
- 1,000 shrimps with a total of $1,000,000 of DPI
- 2,000 Shrimps with a total of $800,000 DPI
I would be happy with 1 or 2, #3 is less attractive from a financial point of view. So why would ‘# token holders’ be our North Star as it would focus us towards #3?