Know the supply behind the number

Market capitalization combines a token price with circulating supply. Fully diluted valuation uses a broader supply assumption. Check which supply the data provider uses, especially when tokens can still be issued, unlocked, or burned.

These are price-based estimates. Neither figure tells you how much money entered the project or how much every holder could collectively withdraw.

Look at the market you would actually use

Liquidity is the inventory available for exchanging assets in a market. Your order size relative to that liquidity affects price impact. A large displayed valuation can coexist with a pool where a modest trade moves the price substantially.

Compare pools and quote assets, then check a quote for the amount you are researching. A last-traded price is not a promise that the full amount can trade at that price.

Give every metric a time window

Volume measures trading over a period; liquidity describes available inventory at a point in time. Read the timestamp and pool coverage. High historical volume does not establish current depth, unique traders, or future demand.