Supply and valuation

The mechanism

Market cap, as CoinGecko defines it, is price multiplied by a circulating supply. Fully diluted value prices a total or a maximum. When this file prints them as the same number, the vendor used one supply figure for both labels. That is a property of the print. It is not proof of a hard cap, and it is not proof that issuance has finished.

Dogecoin is the caution. The native row’s two labels match, and Dogecoin’s issuance is ongoing. A file with no separate maximum cannot show dilution that the vendor did not model.

What a figure does not confer

A supply number does not say what holding the token confers. A zero transfer fee, a renounced owner, or the absence of a fee switch are separate observations, and only when a scan exists. Most rows in this file have no scan.

Illustrative arithmetic

If a token is priced at $1 and the vendor counts 1,000 units as circulating, the market cap is $1,000. If the only pool holds $50 of the token, a sale of the whole ‘market cap’ cannot clear in that pool. The $1,000 and the $50 are both real and they answer different questions. The numbers in this paragraph are illustrative, not a print from the file.