how do you get to a $600k mc with $57k total trading volume?

because it's paired with $zora and that's gone up?

It’s valued at $110k the same way a SAAS startup has “$1m ARR” after making $200 their first hour after launching

It’s super misleading 

https://farcaster.xyz/nmadd/0xb418453b

building @emptyblock / prev director of research @coinmetrics

I’m not sure the exact mechanism they’re using, but an oversimplified example of what’s happening; 

Say you launched a token with a supply of 1 million tokens. There’s not much interest in your token but you convince a few of your friends each to buy a token for $10 each 

Congrats, your token now has a $10m market cap (on paper) 

But in reality there’s no liquidity and the actual cumulative value of the tokens is probably closer to $50