Unit price is only the beginning
A token priced at a few cents is not necessarily cheaper in valuation terms than one priced at hundreds of dollars. The number of units matters. Two assets can have very different unit prices and the same market capitalisation.
Circulating supply estimates the units currently available in the market. Total supply includes existing units under the chosen methodology. Maximum supply describes a limit where one exists. Definitions and data-provider methods differ, so compare like with like.
Market cap and fully diluted valuation
Market capitalisation is price multiplied by circulating supply. Fully diluted valuation applies a price to a broader supply measure, commonly total or maximum supply. Check which measure a source uses.
Neither figure is a pile of cash available for holders to withdraw. They apply a quoted price to a supply figure. Selling a large amount can move that price, particularly in a thin market. Fully diluted valuation is also not a forecast of the price after future issuance.
Unlocks, ownership and value capture
Unlock schedules describe when restricted tokens may become transferable. An unlock increases the amount that can potentially be sold; it does not prove that everyone will sell. Check who owns the tokens, the size and timing of releases, ongoing issuance and any burning mechanism.
A project can be useful without its token automatically capturing the resulting value. Ask what the token does: pays fees, grants access, supports governance, provides collateral, or something else. Then ask how that function connects to demand, rewards and costs.
Takeaway: combine price with supply, ownership, release schedules and the token’s actual role. One valuation ratio cannot answer the whole question.
Further reading
Provider documentation explains particular designs. It is not a product endorsement.