In Jan 2023, $APT traded at $17.86 with a market cap of $2.9B Today (Sep 11, 2025), $APT trades at just $4.5 , yet its market cap is $3.1B Price collapsed by -75%, but market cap actually grew. Why? 👉 Token supply inflation. More coins hit the market, keeping market cap afloat while crushing individual token value. This is the hidden effect of emissions that most holders ignore. Always track circulating supply + market cap, not just price. And honestly, this is the part of crypto that frustrates me the most. The project might be building, adoption might be growing, but if supply keeps unlocking like this… Holders just get diluted. Makes you think twice about long-term plays vs short-term trades.