Market capitalization equals price times circulating supply. It’s useful for comparing the relative size of assets, but it hides as much as it reveals.
Circulating vs total supply
Two tokens at the same market cap can have very different supply schedules. Future unlocks can dilute holders even if the price looks stable today.
Liquidity matters more than the number
A large market cap with thin liquidity can move violently. Always check trading volume alongside the cap.