Adjusted market cap addresses a fundamental limitation of reported market cap. Standard market cap relies on circulating supply figures from data providers like CoinGecko, which may not accurately reflect the full set of tokens that are unlocked and could enter the market at any moment. Tokenomist's adjusted market cap uses released supply as the denominator instead, capturing every token that has exited its locked state. The formula is: Current Price multiplied by Adjusted Released Supply. Released supply includes all tokens that have completed their vesting period or been unlocked from smart contracts — whether they have been transferred to exchanges, sold on the open market, or are still sitting in insider wallets. This means adjusted market cap is typically higher than reported market cap, because it accounts for the latent supply overhang from insiders, team members, and investors who hold unlocked tokens but have not yet sold. On Tokenomist's token detail pages, adjusted market cap appears in the Fundamentals section with a "Tokenomist Metric" badge to distinguish it from the standard reported figure. The difference between the two metrics is analytically valuable: a large gap signals significant insider-held unlocked supply that could create sell pressure. A narrow gap suggests most unlocked tokens have already entered circulation. Tracking this spread over time helps investors anticipate supply-driven price movements before they appear in standard market data.