A token page can show a polished price chart and still label its valuation incorrectly. The most common reason is simple: the interface multiplies price by total supply and calls the result “market cap,” even when a material part of that supply is locked and not circulating.

This dispatch gives you a repeatable audit for MADGER. It does not ask you to accept a valuation, predict a return, or trust a screenshot. You will identify the official mint, inspect the finalized supply, trace the documented locks, reproduce the maximum-circulating figure, and understand which price calculation answers which question.

The exact official Solana mint is BHauMX8akk2umqkQqnJwpYkCRkZmefGnEBFByeFXRKqv. Compare every character before using any explorer, market page, or swap interface.

The four numbers that should never be collapsed into one

Total on-chain supply is the amount the Solana mint reports at a particular finalized slot. MADGER’s automated check on September 24, 2026 observed 999,999,994.992751 MADGER, six decimals, the classic SPL Token program, and revoked mint and freeze authorities. The machine-readable token report publishes the observation and slot.

Provably locked supply is the amount held by program escrows whose addresses and terms can be inspected. MADGER’s public transparency record documents five Jupiter Lock escrows totaling 774,999,999.999968 MADGER. The record separates strategic treasury, core treasury, community, operations and marketing, and founder and creator allocations instead of presenting one unexplained percentage.

Maximum circulating supply is the total on-chain supply minus only those documented locked balances. It is called “maximum” because an unlocked token may still be sitting idle in a wallet; this method does not pretend that an unlocked balance is unavailable merely because it has not moved.

Liquidity is something else. It describes assets available in a market and the depth at which trades can occur. A token can have a clearly documented circulating supply and still have thin liquidity, high slippage, volatile pricing, or limited demand. Market cap is not a promise that the entire circulating amount could be sold at the displayed price.

Reproduce the MADGER calculation

Use the two supply inputs from the public record:

999,999,994.992751 total supply
− 774,999,999.999968 documented as locked
= 224,999,994.992783 maximum circulating supply

The locked amount is approximately 77.50% of current supply, leaving approximately 22.50% as the maximum circulating amount. Do not round the inputs before subtracting them. Rounded headline percentages are useful for orientation; the full quantities are what make the result reproducible.

The five escrows have schedules. “Locked” does not mean destroyed or permanently removed. The earliest published cliff in the current record is March 12, 2027, and other schedules begin later. Inspect each row, its linked account, and its release configuration. When a scheduled release occurs, the circulating calculation must be updated. A percentage copied today is not a permanent property of the token.

Market cap and fully diluted value answer different questions

Circulating market capitalization is current price multiplied by circulating supply. For the documented MADGER method, the supply input is 224,999,994.992783 until the on-chain inputs change.

Fully diluted valuation, commonly shortened to FDV, is current price multiplied by total supply. For MADGER, the supply input is 999,999,994.992751 at the September 24 finalized observation.

Here is an illustration using a deliberately hypothetical price of $0.001. It is not a live quote:

  • Circulating market cap: $0.001 × 224,999,994.992783 = about $225,000.
  • FDV: $0.001 × 999,999,994.992751 = about $1,000,000.

Both calculations can be mathematically valid. The error happens when an interface shows the second result but labels it as the first. That is a data-label problem, not an on-chain change, and correcting the label does not create liquidity, alter anyone’s balance, or make the project more valuable by itself.

Why different market pages can disagree

Third-party services build their own token records. One may import total supply automatically, another may require a manual circulating-supply review, and another may cache old values. Their displayed price can also differ because of update timing, selected pool, routing, or liquidity source.

Use three labels when comparing a listing:

  1. Verified input: a value you can connect to the mint, a finalized RPC observation, or a named escrow account.
  2. Derived value: arithmetic you can reproduce from verified inputs, such as total minus locked.
  3. Third-party display: a service’s interpretation, which may be current, delayed, incomplete, or differently defined.

If a page disagrees with the public record, do not assume fraud and do not assume the page is right. Record the URL, timestamp, displayed label, displayed supply, and price source. Then compare its implied supply: displayed valuation divided by displayed price. That reverse calculation often reveals whether the page is using the total or circulating figure.

The monitoring failure—and the correction

The automated token guard had been comparing the mint against a round reference of exactly 1,000,000,000 tokens. The finalized chain reported 999,999,994.992751, a difference of 5.007249 tokens, so the guard correctly flagged a mismatch between its configuration and the chain. The report’s other checks passed, including decimals, token program, initialization, and revoked authorities.

The failure was useful because it exposed an outdated expectation. It was not evidence that the finalized chain had returned one billion, and it was not responsible to hide the red status while publishing the lower number elsewhere. On September 24, the monitor’s exact baseline was reconciled to the observed finalized supply. Future changes from that exact amount will again trigger review.

This correction improves monitoring; it does not explain every historical transaction that produced the present supply. The public claim stays narrow: the finalized mint reports the number above, the check now tests that number exactly, and the source report remains open for inspection.

A 10-minute audit you can perform

  1. Start from the official mint. Copy it from MADGER’s official links page, not a direct message or search advertisement.
  2. Open the mint record. Inspect the official mint on Solscan and compare the full address, decimals, supply, and authorities.
  3. Read the timestamped report. Check the generated time, commitment, observed amount, and RPC slots in the latest automated report.
  4. Inspect all five token locks. Use the Jupiter Lock directory and the linked evidence in MADGER’s transparency page. Do not accept a lock percentage without the underlying accounts.
  5. Repeat the subtraction. Total supply minus the five documented locked balances should match the published maximum circulating amount.
  6. Identify the listing’s formula. Divide its displayed valuation by its price. Compare the implied supply with 224,999,994.992783 and 999,999,994.992751.
  7. Check the date. Supply, price, and escrow status are time-sensitive. Prefer a fresh source over a recycled screenshot.
  8. Keep liquidity separate. Review pool depth and expected slippage before any swap. A valuation label cannot tell you what execution will cost.

Risk boundaries that the arithmetic cannot remove

A correct circulating-supply calculation does not guarantee demand, price stability, liquidity, execution quality, listing accuracy, exchange support, or future project delivery. Locks reduce immediate mobility under their published terms; they do not eliminate smart-contract, program, custody, operational, or market risk. Scheduled releases can change circulating supply.

Revoked mint authority prevents additional minting through that authority; it does not prevent holders from selling, prevent price declines, or make an asset suitable for any particular person. A low displayed market cap is not proof that an asset is inexpensive, undervalued, or likely to rise. In a thin market, the last traded price may apply to only a small amount of liquidity.

If you are new to Solana, use the separate beginner buying guide before interacting with a market. It explains wallet setup, network fees, address verification, slippage, and loss risk without treating a purchase as the default next step.

The signal

Investor diligence becomes more useful when every label has a formula and every formula has inspectable inputs. For MADGER, the current public record supports a maximum circulating supply of 224,999,994.992783 against a finalized total supply of 999,999,994.992751 and five documented locks totaling 774,999,999.999968.

Those numbers are evidence, not a sales pitch. Check them, date them, recalculate them, and update your conclusion when the sources change.