Verify a crypto project in three separate checks: match the exact token contract and network, reconcile supply against disclosed on-chain balances, and inspect the specific trading pool or exchange market. A ticker, a market-data page, or a DEX listing badge cannot establish all three. Record the source and time for every figure because token balances and market conditions change.
Start with the exact token and network
Before checking supply or trading, establish which asset you mean. A token name or ticker is not unique, and a wrapped or bridged version may be a different contract from the project’s original token.
- Get the contract address and network from the project’s official documentation or announcement.
- Open that address on the relevant block explorer and confirm the network, token name, and decimals.
- Match the contract and network on every market-data page, pool, and exchange market you inspect.
For a native coin with no token contract, use the chain’s official or independently documented explorer sources. If a page shows only a ticker and does not identify the contract or network, it is not enough to establish that it refers to the asset you intend to check.
How do I check a token’s circulating supply?
Record total, circulating, and maximum supply as distinct measures, alongside each source and its retrieval time. CoinMarketCap defines total supply as coins in existence net of verifiably burned coins; it includes both locked and unlocked supply. Maximum supply is a lifetime ceiling when one exists. Circulating supply is an estimate of what is available to the public, so it can be materially lower than total supply when tokens are held in locked or otherwise uncirculated wallets. See CoinMarketCap’s supply definitions and CoinGecko’s methodology.
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Reconcile the disclosed distribution with on-chain balances
- Check current total supply and relevant mint or burn activity in the contract and explorer data.
- Find the project’s distribution disclosures and list known team, foundation, treasury, investor, vesting, and ecosystem addresses.
- Compare those addresses’ on-chain balances with the reported circulating figure. Record which balances you can verify and which classifications rely on project statements or third-party labels.
- Ask how the project counts bridged or natively issued versions on multiple chains. Without a consistent rule, the same economic supply could be counted twice or omitted.
CoinGecko says it estimates circulating supply by subtracting uncirculated wallets from total supply, including team and foundation holdings even when unlocked; it retrieves locked-address balances from explorers where APIs permit. Its supply methodology was updated November 17, 2025. CoinMarketCap describes reviewing blockchain data and distribution tables using reproducible explorer or API evidence. These are provider methodologies, not guarantees that a project’s classification is complete.
“Unlocked” does not necessarily mean “circulating”: an unlocked allocation may still be held by a team or treasury. Conversely, an address label alone does not prove who controls a wallet. Look for project disclosures and corroborating on-chain activity. If wallet classifications or the calculation cannot be reproduced, describe the circulating figure as an estimate or unverified rather than presenting it as settled fact.
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How much liquidity does this coin actually have?
Check the exact DEX pool, not merely whether a token appears in a search result. DEX Screener automatically discovers a token after it is added to a liquidity pool and has at least one transaction. That establishes pool activity, not useful depth or a major exchange listing. Its documentation describes market data fields including network, contract, pool, liquidity, volume, transactions, and timestamps.
- Search by contract address and network, then match the reported pair or pool address.
- Record the token and quote-asset balances, the displayed liquidity estimate, 24-hour volume, transaction counts if available, pool creation time, and last-updated time.
- Distinguish current reserve-based liquidity from volume traded over a time window; they answer different questions.
- Consider the trade size that matters to you. Use current reserves or a venue quote to estimate price impact, and check whether a trade of that size could move the price substantially.
- Check for other pools, but do not blindly add together figures that may overlap, be stale, or use different quote assets.
A pool can show a price and recent trades while still having too little depth for a meaningful sale. A quoted liquidity total or high recent volume alone does not show what execution a particular trade would receive; pool conditions can change between checks.
Is this token listed on a real exchange?
Confirm the market on the exchange’s own asset page, market page, or official announcement. An aggregator badge or a token’s appearance in a DEX search is not equivalent to an active spot market on a centralized exchange.
- Match the exact asset and network, not just its name or ticker.
- Identify the specific trading pair and confirm whether it is spot trading rather than a derivative.
- If the claim depends on moving tokens to or from the venue, check whether deposits and withdrawals for that network are enabled.
- Compare the pair’s current trading activity and order-book depth with the exchange’s own market information.
Market-data providers use their own inclusion rules. CoinMarketCap’s tracked-asset criteria include a functional project website and block explorer, plus active public trading with material volume on at least one tracked exchange; its listing criteria are provider rules, not a universal legitimacy test. CoinGecko also has listing criteria and says projects traded only on self-serviceable venues may be rejected for security concerns; see its methodology. A provider’s classification does not prove a token is safe or that a market is deep enough for your trade.
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Keep valuation figures comparable
Market capitalization and fully diluted valuation (FDV) can use different supply bases. CoinGecko describes market capitalization as price multiplied by circulating supply. DEX Screener documents FDV as supply net of burns multiplied by price and notes it may use reported circulating supply for market capitalization in some cases. Check the provider’s definitions before comparing figures; see DEX Screener’s documentation.
For every market-cap or FDV figure you cite or compare, note the supply basis, source, and timestamp. A market cap based on circulating supply is not directly comparable to an FDV based on a larger supply measure. Likewise, do not treat figures captured at different times as simultaneous snapshots.
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Use a verification record, not a single badge
For a repeatable check, keep one record for each asset with the chain and contract, the source and time for each supply measure, the distribution addresses reviewed, the DEX pool and quote asset, and the exchange pair and market type. Keep supply, liquidity, and exchange evidence separate: a verified contract does not prove a circulating-supply estimate; a reported supply does not prove pool depth; and a trading pair does not establish that the other two checks pass.
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