I think the market cap is misleading and causes it to look bigger than it actually is.

For example, consider the germ token (screenshot below). Someone created 21,000,000 of them and then found 6 suckers to sell maybe a few thousand to for 2¢ each. I imagine the vast majority are held by the original owner and without any real market or demand it could never sustain that price for the rest of the tokens. Yet it appears to have a market cap of $420,000. They don’t have $420,000, someone made a few hundred dollars (maybe) and a few others lost that much and now hold a worthless intangible thing. For at least the vast majority (if not all) their market cap is a financial illusion and the only real spending power comes from convincing others to come in and get dumped on.