Supply and market cap

New traders look at the price per token. Experienced traders look at market cap. On pump.fun every coin has the same supply, so price and market cap move together, but the habit matters once you trade anything else.

The formula

Market cap = price per token × total supply.

A pump.fun coin has 1,000,000,000 tokens. At a price of $0.00004, the market cap is $40,000. At $0.001 it is $1,000,000.

So the question is never "is it cheap?" It is "is $40K the right value for this coin, and can it be worth $4M?"

What a market cap tells you

Market cap	What it usually means on pump.fun
Under $10K	Fresh launch. Mostly bots, the dev and early snipers.
$10K to bonding	On the curve. Attention is building or it is about to stall.
Just bonded	Highest volatility. Exit liquidity for early buyers.
$1M and up	The coin has an audience. Narratives and KOLs matter more than mechanics.

These are rough patterns, not rules.

Fully diluted vs circulating

For pump.fun coins, all supply exists from the start, so circulating and fully diluted market cap are the same. For tokens with vesting or unlocks, they are not. A coin can look small at circulating market cap while billions of tokens are waiting to unlock. Always check which number the terminal shows.

Liquidity is the other half

A $2M market cap with $40K of liquidity means a few large sells can crash the price. The ratio of liquidity to market cap tells you how much real money it takes to move the chart. Thin liquidity makes pumps easy and exits hard.