An IP address lookup tends to give a fairly accurate country of hosting, where as the domain name details can usually be easily changed by the owner. For example, some domain name providers let the owner change the record information including the country, where as it is quite difficult to use an IP who's country of location is different to the location of the physical server, at least without using a proxy, VPN, Satellite link, etc., which would either be expensive to do or make the site run rather slow.

According to DNSStuff, the IP is supplied by the Colocall LTD ISP, which is based in Ukraine, so this is most likely where Demonoid is located.