Base token concentrated on Coinbase; only ~1% of users hold it

I think Coinbase received the bulk of the initial Base token allocation, but right now only about 1% of Coinbase users actually hold the token. That suggests a very concentrated distribution early on.

I'm worried this concentration could cause liquidity issues and sharp price moves if Coinbase or a few holders transfer or sell large amounts. I want to see clearer on-chain distribution and broader user adoption before taking a position.