It’s not black and white either, though. If 10% of stock holders are able to cash out without changing the price significantly, market cap would be an inaccura

It’s not black and white either, though. If 10% of stock holders are able to cash out without changing the price significantly, market cap would be an inaccurate measure, but not that far off. If, on the other hand, only 0.1% of holders of some token are able to cash out without significantly affecting the price, the value they think they have just isn’t there (to a much larger extent than the case above). To use an extreme example: if I issue 2^100 tokens, and manage to get a couple of orders in an order book with a mid (and “last trade”) price of 0.1 cent, and this price goes to zero, did 1.268^27 dollars of market value just vanish, or were the holders of this token misinformed? The inherent inaccuracy of market cap value is inversely proportional to liquidity: the less liquid the asset, the further away from reality market cap value is. And these tiny tokens are some of the least liquid assets in existence.