Quick answer
Market capitalization is typically price × circulating supply under a vendor’s definitions. Vendors can disagree on what counts as circulating, how they handle locked tokens, and how quickly they incorporate supply updates. Treat market cap as orientation, not truth-with-a-capital-T—timestamp your source (commonly CoinMarketCap).
Why market cap moves when “nothing happened”
Sometimes market cap shifts because circulating supply classifications changed, not because price moved. Readers deserve that distinction—especially when social screenshots go viral.
NFT reader crossover
NFT collectors often compare collection market caps (floor × supply) to token market caps. These analogies can illuminate attention cycles—and can mislead if you ignore liquidity depth, royalty mechanics, and unique holder dynamics.
ApeChain editorial framing
Pair market cap with governance and ecosystem headlines: did a proposal change expected float? Did a major integration change expected demand? Speculation belongs in clearly labeled sentences.
Sources & verification
Not financial advice.