Assess price alongside the coins already circulating and those expected to enter circulation.
V is implied circulating market value, P is price per QTC and S is verified circulating supply. Apply a consistent supply definition at both dates; disclose any separate fully diluted calculation.
Worked check: a 20× price increase with circulating supply doubling implies a 40× increase in circulating market value.
Market value is an accounting calculation. It is not money held in reserve, required net cash inflow, or the amount all holders could collectively realise by selling.
Issuance and treasury holdings are observable on the public chain through the QTC explorer. A published supply definition would state which balances count as circulating.