How Is Crypto Market Cap Calculated and Why It Matters
“What’s the market cap?” If you’ve ever browsed a crypto ranking site or scrolled through a Telegram thread, you’ve heard the question. It sounds simple, and at surface level, it is.
But ask the follow-up, “what does that actually mean?”, and the answers start to wobble.
Crypto market cap, appropriately explained, is more than just a shorthand for ranking coins and tokens. It’s one of the first tools investors grab when assessing a project’s relative size and potential. But like most things in crypto, it’s both revealing and easily misunderstood.
Let’s dig in.
What Does Market Cap Mean in Cryptocurrency?
In its simplest form, crypto market cap is the estimated total value of a crypto asset’s circulating supply.
It’s calculated with a basic formula:
Market Cap = Current Token Price × Circulating Supply
If a token trades at $2 and there are 50 million tokens circulating, its market cap is $100 million. That number gives people a starting place to evaluate the asset’s size, availability in the market, and how it compares with other cryptocurrencies.
It’s the crypto-world cousin of a company’s market capitalization, the total value of all its publicly traded shares. Except in crypto, tokens aren’t shares in a company. They’re often parts of distributed protocols, incentives, meme vehicles, governance units, or investment instruments, and their supply dynamics are…less than standardized.
How Is Crypto Market Cap Calculated, Exactly?
As mentioned, it starts with two numbers: price × circulating supply.
But let’s clarify what those terms mean in a crypto context, because neither is as precise as it sounds.
Circulating supply refers to the number of tokens publicly available and actively traded. It excludes tokens that are locked, burned, or held in secure wallets by foundations or early investors under vesting agreements. It can change over time due to minting, burning, or unlocking.
Max supply is the hard cap of tokens that can ever exist, like Bitcoin’s 21 million. Some tokens don’t have a max supply at all (hello, Dogecoin).
The total supply is a count of all tokens that exist, whether circulating or not. This includes everything not yet released to the public.
As for price, it’s not set by developers or protocols. The listed price typically reflects an aggregated average across multiple exchanges based on the asset’s trade volume. That means the number can be wobbly, especially for low-volume tokens or illiquid altcoins with big spreads.
Example? Let’s take three:
Bitcoin (BTC), Price: ~$30,000, Circulating Supply: ~19.5 million → Market Cap: ~$585 billion.
Dogecoin (DOGE), Price: ~$0.08, Circulating Supply: ~141 billion → Market Cap: ~$11 billion.
Shiba Inu (SHIB), Price: ~$0.00001, Circulating Supply: ~589 trillion → Market Cap: ~$6 billion.
A coin doesn’t need a high price to have a gigantic market cap. Conversely, a coin with a high price but tiny supply can look more valuable than it really is.
And where does that circulating supply information come from? Usually, it’s drawn from smart contracts, third-party verifiers, project submissions, or trackers like CoinGecko and CoinMarketCap. But since this space isn’t regulated like stock markets, accuracy can vary wildly.
Large, Mid, and Small Cap Cryptocurrencies: Why It Matters
In traditional investing, companies are grouped based on size: large-cap (e.g., Apple), mid-cap, and small-cap. Crypto does something similar. It helps investors group assets by perceived stability, risk tolerance, and potential upside/downside.
Here’s how the crypto crowd generally sees it:
Large-cap: $10 billion and up.
Mid-cap: $1 billion–$10 billion.
Small-cap: $100 million–$1 billion.
Micro-cap: Under $100 million.
Large-cap coins like Bitcoin and Ethereum are viewed as safer assets, with large user bases, adoption, developer interest, and integrations. You’re not swinging for the fences with BTC; you’re buying the index fund of crypto.
Small-cap and micro-cap coins? They’re the wild west. Some are early-stage gems people view with an eye for steep upside. Most are ghosts, held up by little more than hype and thin liquidity. They tend to move fast, swing hard, and can go from “promising” to “rugged” with brutal speed.
Think of it this way...
Think of it like this: owning ETH is like buying a stake in Google. Owning a 175th-ranked meme token with a $20M cap is like funding your cousin's food truck: brave, possibly brilliant, but definitely risky.
Market Cap vs Volume in Crypto: Two Signals, Very Different Meanings
So, if market cap is “how big,” what’s trading volume?
Volume is all about action: how many units of a token were traded within a time frame, usually 24 hours. It reflects liquidity: how easy it is to buy/sell without dramatically moving the price.
An asset with $5 billion market cap and $5 million daily volume is practically a mirage. You might see significant value, but no one’s trading it. That could mean the asset is dormant, manipulated, or listed only on small, untrustworthy exchanges.
A healthy coin shows high volume relative to its market cap. It trades regularly, with lots of buyers and sellers.
High market cap, low volume? Yellow flag.
Low market cap, high volume? Interesting. It could mean momentum, hype, or bot-driven nonsense, or, occasionally, early breakout.
Low market cap and low volume? Ghost town. Proceed with caution.
What Are the Risks of Using Market Cap Alone?
Market cap feels like truth. It’s a catchy number. But it comes with major caveats in crypto.
1. Illusion of Liquidity.
Market cap assumes every token could be sold at current price. They can’t. Liquidity dries up fast for most tokens, and order books can be thin.
2. Price Manipulation.
If a project only lets a small number of tokens trade, the “float”, and someone buys up even a few, the price spikes, and with it, the market cap. That number is a magic trick.
3. Fake Volume, Wash Trading, and Bots.
On some exchanges, traders pretend to trade with themselves just to inflate volume data and mask the dead zones.
4. Token Unlocks.
A token might have a cute market cap today, but if it’s releasing another 90% of its supply over the next year, that number will change. Always check the unlock schedule.
5. Transparency.
Token supply might not be fully public. Some dev teams aren’t disclosing how much they control, meaning the “circulating” supply could be way off.
Real-world case? $SQUID token. A now-infamous rug pull that hit a $2.1 billion market cap, on paper. But selling? Impossible. The smart contract was coded to prevent it. Price went vertical, then instantly zero.
How to Think About Market Cap the Smart Way
Don’t treat crypto market cap like a verdict; use it like a lens. It’s one tool, useful for context, terrible as a standalone signal.
Use it to think across projects: What’s this token’s cap compared to projects solving the same issue? Has its volume kept up with its inflows? Is its supply schedule aggressive or sustainable?
Pair it with network activity, tokenomics, DeFi integrations, validator or mining mechanics, real-world utility, and who actually holds the bag.
And remember: capital in crypto behaves different. It sloshes, spikes, and evaporates faster than in traditional markets. Market cap reflects perception, not liquidity, not fundamentals, not guaranteed floor value.
Bonus: What Is Fully Diluted Valuation (FDV)?
FDV = Current Token Price × Max Supply
This metric estimates what a coin would be worth if every token were circulating. For many projects, especially newer ones, the FDV is far higher than the current market cap. That’s because a lot of supply is locked or scheduled to unlock over months or years.
FDV matters because it reveals dilution risk. If a token’s circulating supply is only 5% of the total, you’re getting into a stake that will expand dramatically over time. High FDV with low liquidity? Red flag for short-term investors. Maybe even long-term ones.
Why does crypto market cap matter more than token price for evaluating projects?
Crypto market cap reflects the total value of a project, while token price only tells you the cost of a single unit. A low-priced token can still have a massive market cap if a lot of it exists, and vice versa. That’s why market cap gives a clearer picture of scale and impact.
Think of it this way...
Think of it like stocks: a $5 stock isn’t “cheaper” than a $500 stock without knowing how many shares exist. The real value is in market cap, not individual price tags.
Market cap is calculated by multiplying the current price by the circulating supply. This helps compare projects of very different sizes. A $0.01 token with 10 billion tokens in circulation has a $100 million market cap, which tells us a lot more than the price alone. It’s a baseline tool, not a perfect measure, but it’s way more useful than just comparing token prices.
Can a low market cap crypto still have high trading volume?
Yes, some low market cap cryptos can see high trading volume, especially if they’re trending, pumped, or used in speculative plays. Volume measures how much is being traded, not how big the project is.
Think of it this way...
Think of market cap as a coin’s total weight, and volume as how fast it’s moving. A small coin can circulate fast and often, especially during hype spikes or exchange listings.
This can make volume look deceptively strong. Day traders might rush in for short-term gains, causing big swings, even if the underlying project is tiny. A high volume-to-market cap ratio can suggest lots of short-term interest, but not necessarily long-term value. Just remember: high volume doesn’t mean strong fundamentals.
What are the risks of investing in micro-cap cryptocurrencies?
Micro-cap cryptos, typically under $50 million market cap, can be volatile, illiquid, and heavily influenced by whales or insiders. Their small size makes them easier to manipulate and harder to exit without slippage.
Think of it this way...
It’s like investing in a startup with just a few backers. The upside can be big, but the floor can vanish overnight, and price movements might not reflect real adoption or usage.
Many micro-caps lack audited code, active devs, or legal clarity. Pump-and-dump schemes are more common in this zone. Without reputational stakes or established communities, risky behavior is more challenging to detect and regulate. If you’re exploring micro-caps, look beyond market cap and trading volume, scrutinize tokenomics, team transparency, and on-chain activity.
How do token burns impact a cryptocurrency’s market cap over time?
Token burns reduce a crypto’s circulating supply, but they don’t directly change the market cap unless the token price reacts. Since market cap = price × circulating supply, removing tokens only impacts market cap if it shifts demand or price.
Think of it this way...
It’s like cutting slices off a pizza: you’ve got fewer slices, but whether that makes the pizza more valuable depends on what people are willing to pay.
When done strategically, like Binance’s BNB quarterly burns or Ethereum’s EIP-1559 fee burns, reducing supply can create scarcity, which may drive price upward. But that’s not guaranteed. Many burns are symbolic or anticipated, so the effect on market cap is baked in ahead of time. Token burns can also be used as a PR move, so context matters.
How does market cap weighting influence crypto index funds?
Market cap weighting means larger-cap assets get a bigger slice of an index fund’s portfolio. So when crypto index funds use this model, they’re allocating more to coins like BTC and ETH, and much less to smaller projects.
It mirrors the way S&P 500 indexes weigh Apple more than a small-cap biotech. Big players dominate the pie.
This helps reduce volatility and reflect the broader market, but it can also limit upside from rising small- or mid-caps. Some crypto indexes use capped or equal weighting to rebalance this. Still, market cap weighting is the most common, it’s simple, transparent, and easy to track, even if it leans conservative.
Why might a coin’s market cap drop even if the price stays the same?
If tokens are removed from circulation, through burns, lockups, or other events, while the price stays flat, the market cap will drop. That’s because market cap = price × circulating supply. Reduce the supply, and the overall cap shrinks.
Think of it this way...
Imagine the price of coffee stays $5 per cup, but the café closes half its locations. The total value of the chain drops, even though a cup still costs the same.
Another factor? Some data sources adjust circulating supply retroactively, which can lead to updated market cap numbers even when nothing obvious changes. It’s rare, but it can happen in edge cases like staking unlocks or treasury reallocations.
How does the release schedule of locked tokens affect market cap dynamics?
When locked tokens unlock, they increase the circulating supply. If demand doesn’t keep up, that dilution can put downward pressure on the token price, keeping market cap flat or even shrinking it.
Think of it this way...
This is like flooding a market with more shares. Even if the business stays the same, each share now represents a smaller piece of the whole.
Projects often use vesting schedules or token cliffs for founders, investors, or liquidity incentives. If a large unlock looms and market interest is low, traders may front-run the event, leading to volatility. Tools like TokenUnlocks or Messari can help track these timelines, making them crucial for anyone analyzing market cap trends over time.
What is considered a good market cap for crypto?
“Good” depends on the type of project. For layer-1 blockchains, $1B+ market caps often reflect real traction. For newer DeFi or infrastructure tools, $100M+ might be solid. Meme coins and niche apps can vary wildly.
Think of it this way...
Think of it like startup stages, $10M is seed round; $100M is Series A traction; $1B+ is household status.
What matters more is what’s backing the market cap: Are people using the product? Are fees or revenue growing? Is the token model sustainable? A good market cap reflects value, not just hype.
Final Thoughts: Crypto Market Cap Explained
Crypto market cap serves as a starting snapshot, providing insight into how the market values a project based on its price and availability. But like most things in Web3, it’s only part of the story.
Used smartly, market cap can help you frame your analysis: where does this asset sit in the food chain? What level of risk are you shouldering? Are you early, or just catching a puffed-up number near the top?
Bring volume into the frame. Understand circulating vs total vs max supply. Check token unlocks and whale wallet transparency. And, once you’re ready, explore other valuation tools like Total Value Locked (TVL), on-chain metrics, and FDV.
Because in a world without earnings or dividends, your best insights come not from any one metric, but from knowing which ones to question.
“What’s the market cap?” If you’ve ever browsed a crypto ranking site or scrolled through a Telegram thread, you’ve heard the question. It sounds simple, and at surface level, it is.
But ask the follow-up, “what does that actually mean?”, and the answers start to wobble.
Crypto market cap, appropriately explained, is more than just a shorthand for ranking coins and tokens. It’s one of the first tools investors grab when assessing a project’s relative size and potential. But like most things in crypto, it’s both revealing and easily misunderstood.
Let’s dig in.
What Does Market Cap Mean in Cryptocurrency?
In its simplest form, crypto market cap is the estimated total value of a crypto asset’s circulating supply.
It’s calculated with a basic formula:
Market Cap = Current Token Price × Circulating Supply
If a token trades at $2 and there are 50 million tokens circulating, its market cap is $100 million. That number gives people a starting place to evaluate the asset’s size, availability in the market, and how it compares with other cryptocurrencies.
It’s the crypto-world cousin of a company’s market capitalization, the total value of all its publicly traded shares. Except in crypto, tokens aren’t shares in a company. They’re often parts of distributed protocols, incentives, meme vehicles, governance units, or investment instruments, and their supply dynamics are…less than standardized.
How Is Crypto Market Cap Calculated, Exactly?
As mentioned, it starts with two numbers: price × circulating supply.
But let’s clarify what those terms mean in a crypto context, because neither is as precise as it sounds.
Circulating supply refers to the number of tokens publicly available and actively traded. It excludes tokens that are locked, burned, or held in secure wallets by foundations or early investors under vesting agreements. It can change over time due to minting, burning, or unlocking.
Max supply is the hard cap of tokens that can ever exist, like Bitcoin’s 21 million. Some tokens don’t have a max supply at all (hello, Dogecoin).
The total supply is a count of all tokens that exist, whether circulating or not. This includes everything not yet released to the public.
As for price, it’s not set by developers or protocols. The listed price typically reflects an aggregated average across multiple exchanges based on the asset’s trade volume. That means the number can be wobbly, especially for low-volume tokens or illiquid altcoins with big spreads.
Example? Let’s take three:
Bitcoin (BTC), Price: ~$30,000, Circulating Supply: ~19.5 million → Market Cap: ~$585 billion.
Dogecoin (DOGE), Price: ~$0.08, Circulating Supply: ~141 billion → Market Cap: ~$11 billion.
Shiba Inu (SHIB), Price: ~$0.00001, Circulating Supply: ~589 trillion → Market Cap: ~$6 billion.
A coin doesn’t need a high price to have a gigantic market cap. Conversely, a coin with a high price but tiny supply can look more valuable than it really is.
And where does that circulating supply information come from? Usually, it’s drawn from smart contracts, third-party verifiers, project submissions, or trackers like CoinGecko and CoinMarketCap. But since this space isn’t regulated like stock markets, accuracy can vary wildly.
Large, Mid, and Small Cap Cryptocurrencies: Why It Matters
In traditional investing, companies are grouped based on size: large-cap (e.g., Apple), mid-cap, and small-cap. Crypto does something similar. It helps investors group assets by perceived stability, risk tolerance, and potential upside/downside.
Here’s how the crypto crowd generally sees it:
Large-cap: $10 billion and up.
Mid-cap: $1 billion–$10 billion.
Small-cap: $100 million–$1 billion.
Micro-cap: Under $100 million.
Large-cap coins like Bitcoin and Ethereum are viewed as safer assets, with large user bases, adoption, developer interest, and integrations. You’re not swinging for the fences with BTC; you’re buying the index fund of crypto.
Small-cap and micro-cap coins? They’re the wild west. Some are early-stage gems people view with an eye for steep upside. Most are ghosts, held up by little more than hype and thin liquidity. They tend to move fast, swing hard, and can go from “promising” to “rugged” with brutal speed.
Think of it this way...
Think of it like this: owning ETH is like buying a stake in Google. Owning a 175th-ranked meme token with a $20M cap is like funding your cousin's food truck: brave, possibly brilliant, but definitely risky.
Market Cap vs Volume in Crypto: Two Signals, Very Different Meanings
So, if market cap is “how big,” what’s trading volume?
Volume is all about action: how many units of a token were traded within a time frame, usually 24 hours. It reflects liquidity: how easy it is to buy/sell without dramatically moving the price.
An asset with $5 billion market cap and $5 million daily volume is practically a mirage. You might see significant value, but no one’s trading it. That could mean the asset is dormant, manipulated, or listed only on small, untrustworthy exchanges.
A healthy coin shows high volume relative to its market cap. It trades regularly, with lots of buyers and sellers.
High market cap, low volume? Yellow flag.
Low market cap, high volume? Interesting. It could mean momentum, hype, or bot-driven nonsense, or, occasionally, early breakout.
Low market cap and low volume? Ghost town. Proceed with caution.
What Are the Risks of Using Market Cap Alone?
Market cap feels like truth. It’s a catchy number. But it comes with major caveats in crypto.
1. Illusion of Liquidity.
Market cap assumes every token could be sold at current price. They can’t. Liquidity dries up fast for most tokens, and order books can be thin.
2. Price Manipulation.
If a project only lets a small number of tokens trade, the “float”, and someone buys up even a few, the price spikes, and with it, the market cap. That number is a magic trick.
3. Fake Volume, Wash Trading, and Bots.
On some exchanges, traders pretend to trade with themselves just to inflate volume data and mask the dead zones.
4. Token Unlocks.
A token might have a cute market cap today, but if it’s releasing another 90% of its supply over the next year, that number will change. Always check the unlock schedule.
5. Transparency.
Token supply might not be fully public. Some dev teams aren’t disclosing how much they control, meaning the “circulating” supply could be way off.
Real-world case? $SQUID token. A now-infamous rug pull that hit a $2.1 billion market cap, on paper. But selling? Impossible. The smart contract was coded to prevent it. Price went vertical, then instantly zero.
How to Think About Market Cap the Smart Way
Don’t treat crypto market cap like a verdict; use it like a lens. It’s one tool, useful for context, terrible as a standalone signal.
Use it to think across projects: What’s this token’s cap compared to projects solving the same issue? Has its volume kept up with its inflows? Is its supply schedule aggressive or sustainable?
Pair it with network activity, tokenomics, DeFi integrations, validator or mining mechanics, real-world utility, and who actually holds the bag.
And remember: capital in crypto behaves different. It sloshes, spikes, and evaporates faster than in traditional markets. Market cap reflects perception, not liquidity, not fundamentals, not guaranteed floor value.
Bonus: What Is Fully Diluted Valuation (FDV)?
FDV = Current Token Price × Max Supply
This metric estimates what a coin would be worth if every token were circulating. For many projects, especially newer ones, the FDV is far higher than the current market cap. That’s because a lot of supply is locked or scheduled to unlock over months or years.
FDV matters because it reveals dilution risk. If a token’s circulating supply is only 5% of the total, you’re getting into a stake that will expand dramatically over time. High FDV with low liquidity? Red flag for short-term investors. Maybe even long-term ones.
Why does crypto market cap matter more than token price for evaluating projects?
Crypto market cap reflects the total value of a project, while token price only tells you the cost of a single unit. A low-priced token can still have a massive market cap if a lot of it exists, and vice versa. That’s why market cap gives a clearer picture of scale and impact.
Think of it this way...
Think of it like stocks: a $5 stock isn’t “cheaper” than a $500 stock without knowing how many shares exist. The real value is in market cap, not individual price tags.
Market cap is calculated by multiplying the current price by the circulating supply. This helps compare projects of very different sizes. A $0.01 token with 10 billion tokens in circulation has a $100 million market cap, which tells us a lot more than the price alone. It’s a baseline tool, not a perfect measure, but it’s way more useful than just comparing token prices.
Can a low market cap crypto still have high trading volume?
Yes, some low market cap cryptos can see high trading volume, especially if they’re trending, pumped, or used in speculative plays. Volume measures how much is being traded, not how big the project is.
Think of it this way...
Think of market cap as a coin’s total weight, and volume as how fast it’s moving. A small coin can circulate fast and often, especially during hype spikes or exchange listings.
This can make volume look deceptively strong. Day traders might rush in for short-term gains, causing big swings, even if the underlying project is tiny. A high volume-to-market cap ratio can suggest lots of short-term interest, but not necessarily long-term value. Just remember: high volume doesn’t mean strong fundamentals.
What are the risks of investing in micro-cap cryptocurrencies?
Micro-cap cryptos, typically under $50 million market cap, can be volatile, illiquid, and heavily influenced by whales or insiders. Their small size makes them easier to manipulate and harder to exit without slippage.
Think of it this way...
It’s like investing in a startup with just a few backers. The upside can be big, but the floor can vanish overnight, and price movements might not reflect real adoption or usage.
Many micro-caps lack audited code, active devs, or legal clarity. Pump-and-dump schemes are more common in this zone. Without reputational stakes or established communities, risky behavior is more challenging to detect and regulate. If you’re exploring micro-caps, look beyond market cap and trading volume, scrutinize tokenomics, team transparency, and on-chain activity.
How do token burns impact a cryptocurrency’s market cap over time?
Token burns reduce a crypto’s circulating supply, but they don’t directly change the market cap unless the token price reacts. Since market cap = price × circulating supply, removing tokens only impacts market cap if it shifts demand or price.
Think of it this way...
It’s like cutting slices off a pizza: you’ve got fewer slices, but whether that makes the pizza more valuable depends on what people are willing to pay.
When done strategically, like Binance’s BNB quarterly burns or Ethereum’s EIP-1559 fee burns, reducing supply can create scarcity, which may drive price upward. But that’s not guaranteed. Many burns are symbolic or anticipated, so the effect on market cap is baked in ahead of time. Token burns can also be used as a PR move, so context matters.
How does market cap weighting influence crypto index funds?
Market cap weighting means larger-cap assets get a bigger slice of an index fund’s portfolio. So when crypto index funds use this model, they’re allocating more to coins like BTC and ETH, and much less to smaller projects.
It mirrors the way S&P 500 indexes weigh Apple more than a small-cap biotech. Big players dominate the pie.
This helps reduce volatility and reflect the broader market, but it can also limit upside from rising small- or mid-caps. Some crypto indexes use capped or equal weighting to rebalance this. Still, market cap weighting is the most common, it’s simple, transparent, and easy to track, even if it leans conservative.
Why might a coin’s market cap drop even if the price stays the same?
If tokens are removed from circulation, through burns, lockups, or other events, while the price stays flat, the market cap will drop. That’s because market cap = price × circulating supply. Reduce the supply, and the overall cap shrinks.
Think of it this way...
Imagine the price of coffee stays $5 per cup, but the café closes half its locations. The total value of the chain drops, even though a cup still costs the same.
Another factor? Some data sources adjust circulating supply retroactively, which can lead to updated market cap numbers even when nothing obvious changes. It’s rare, but it can happen in edge cases like staking unlocks or treasury reallocations.
How does the release schedule of locked tokens affect market cap dynamics?
When locked tokens unlock, they increase the circulating supply. If demand doesn’t keep up, that dilution can put downward pressure on the token price, keeping market cap flat or even shrinking it.
Think of it this way...
This is like flooding a market with more shares. Even if the business stays the same, each share now represents a smaller piece of the whole.
Projects often use vesting schedules or token cliffs for founders, investors, or liquidity incentives. If a large unlock looms and market interest is low, traders may front-run the event, leading to volatility. Tools like TokenUnlocks or Messari can help track these timelines, making them crucial for anyone analyzing market cap trends over time.
What is considered a good market cap for crypto?
“Good” depends on the type of project. For layer-1 blockchains, $1B+ market caps often reflect real traction. For newer DeFi or infrastructure tools, $100M+ might be solid. Meme coins and niche apps can vary wildly.
Think of it this way...
Think of it like startup stages, $10M is seed round; $100M is Series A traction; $1B+ is household status.
What matters more is what’s backing the market cap: Are people using the product? Are fees or revenue growing? Is the token model sustainable? A good market cap reflects value, not just hype.
Final Thoughts: Crypto Market Cap Explained
Crypto market cap serves as a starting snapshot, providing insight into how the market values a project based on its price and availability. But like most things in Web3, it’s only part of the story.
Used smartly, market cap can help you frame your analysis: where does this asset sit in the food chain? What level of risk are you shouldering? Are you early, or just catching a puffed-up number near the top?
Bring volume into the frame. Understand circulating vs total vs max supply. Check token unlocks and whale wallet transparency. And, once you’re ready, explore other valuation tools like Total Value Locked (TVL), on-chain metrics, and FDV.
Because in a world without earnings or dividends, your best insights come not from any one metric, but from knowing which ones to question.