Price alone is not a comparison
A token priced at ten cents is not inherently cheaper than one priced at one hundred dollars. The number of units matters. Market capitalization usually uses circulating supply; fully diluted value uses a broader supply definition that must be checked with the source.
Choose a horizon
A valuation needs a supply denominator for a specific date. A 12-month scenario and a terminal scenario may use different supplies. Document vested balances, future emissions, burns and any discretionary treasury allocations rather than assuming all locked supply follows one schedule.
Unlocks are not automatic sales
Vesting makes tokens transferable according to the relevant rules. It does not establish when holders will sell them. Performance triggers and governance-controlled distributions may not have fixed dates. Report those uncertainties instead of inventing a precise calendar.
Make dilution visible
As a purely hypothetical example, $100 million in annual holder flow at a 10× multiple supports a $1 billion scenario value. Dividing by 500 million tokens gives $2; dividing by 1 billion gives $1. The same business assumptions can imply very different per-token values.
Further reading & sources
By the PerpsAtlas research desk · Educational analysis · Published 22 September 2026.
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