Reported market cap is the most widely cited valuation metric in crypto. The formula is straightforward: Current Price multiplied by CoinGecko Reported Circulating Supply. This is the number you see on aggregators like CoinGecko and CoinMarketCap, and it is the figure Tokenomist displays in the Fundamentals section of each token detail page as the baseline market cap. The strength of reported market cap is its universality — every major data provider calculates it the same way, making it easy to compare across tokens and platforms. However, its weakness lies in the definition of "circulating supply." CoinGecko's reported circulating supply relies on self-reported data from project teams, supplemented by on-chain analysis. This figure may not account for tokens that are technically unlocked but still held by insiders, tokens in uncategorized wallets, or supply that has been released from vesting but not yet transferred to market. This is why Tokenomist also provides an adjusted market cap alongside the reported figure. By comparing both, you can identify tokens where the reported market cap may understate or overstate the true market exposure. A significant gap between reported and adjusted market cap often signals that a meaningful portion of supply is unlocked but not yet circulating — a hidden overhang that the standard metric misses.