Liquidity vs valuation

A token quoting a multi-million dollar fully diluted valuation against a pool holding a few thousand dollars is a price tag without a market. The valuation is arithmetic — supply times last trade — while the pool is the only place value can actually be realized. When pool depth falls below the minimum share of valuation, CaliberToken rejects the token.

This gap is the structural setup of most retail losses in the segment: buyers see a large market cap and assume depth that does not exist. The records below show the exact pool depth and valuation figures that failed the ratio.

The FDV-liquidity trap is how a token can be 'up 400%' while its holders are functionally locked in. If the pool holds two thousand dollars, the first seller of any size collapses the quoted price — the gain existed only on the chart, never in the exit.