Crypto Market Cap vs Liquidity: A Reproducible Example

A circulating-market-cap estimate generally uses price times a circulating-supply estimate. A total-supply valuation uses a different denominator, and providers may define fully diluted valuation differently. Check the methodology instead of treating every displayed 'MC' or 'FDV' as interchangeable.

Neither calculation measures money paid into the project or money every holder can withdraw. A marginal market price can move sharply in a shallow pool, and selling a large balance changes the execution price.

This is a hypothetical calculation published by PactVerity on 14 September 2026. It is not PVTY market data, a forecast, a live quote or a market-wide study. Start with a constant-product pool holding 1,000,000 hypothetical tokens and $10,000 of a hypothetical quote asset whose dollar value is held constant. The starting marginal price is $0.01 per token.

For illustration only, assume 50,000,000 tokens in the valuation denominator. Multiplication produces $500,000, even though the pool holds only $10,000 on its quote side. This illustrates a units-and-depth problem; it does not describe PVTY's current reserves or valuation.

Let x be token reserves, y be quote reserves and q be tokens sold into the pool. Ignoring all fees, output = y × q / (x + q). Average execution price = output / q. The shortfall against the starting spot valuation is 1 − output / (q × y / x). Each example below starts from the same original reserves; the rows are not sequential trades.

Selling 1,000 tokens has a $10 starting spot value but returns about $9.99. Selling 100,000 tokens has a $1,000 starting spot value but returns about $909.09. Selling 1,000,000 tokens has a $10,000 starting spot value but returns $5,000. The larger order moves farther along the curve.

The model excludes swap fees, network costs, transfer restrictions, failed transactions, arbitrage, competing orders, concentrated liquidity and changes in the quote asset's dollar price. Real routing can split an order across multiple pools. This model is not a substitute for a current executable quote.

An LP lock does not change this arithmetic or prevent sells. It restricts withdrawal under its terms, not trading-induced reserve changes. Fixed supply and token burns likewise do not guarantee demand, market depth or a future price.

Compare current supply methodology, pool reserves and a fresh quote for your intended amount. If a feed is unavailable, preserve that uncertainty. Do not multiply a wallet's entire balance by the last displayed price and assume those proceeds can be realised.

PVTY is speculative, with shallow liquidity, high volatility and risk of total loss. The linked PVTY guide and buy page provide research and independent route access, not guaranteed execution or an investment recommendation.