When a coin sells for just a few cents, it’s easy to think, “It’s still cheap.” But if the circulating supply is especially large, the project’s overall valuation could still be very high. Circulating market cap is calculated by multiplying the price per coin by the number of coins in circulation.

Focusing on how many zeros come after the decimal point as a measure of upside can make you overlook the most important number: exactly how many coins there are.