Recently, many people have been discussing that the market cap of RON has indeed surpassed CELO. According to the latest data, RON's circulating market cap is in the range of $102 million to $103 million, while CELO is around $69 million to $70 million. The gap seems significant, but the underlying logic is quite interesting — it's not just about which technology is more advanced.

First, let's talk about liquidity. RON has broader coverage on top-tier exchanges, and its 24-hour trading volume is more stable, which directly increases retail participation and inflow of new funds. In contrast, CELO has relatively weaker liquidity, leading to a slower valuation recovery.

Next, consider the narrative implementation. RON is closely tied to the Axie Infinity and other GameFi ecosystems, with clear ecological scenarios. The community is well-maintained, and periodic catalytic events can easily drive valuation rebounds. Although CELO promotes itself as mobile-friendly and inclusive finance, with a good story, its actual progress and large-scale results fall short of expectations, making narrative conversion less efficient.

The track attributes are also crucial. GameFi naturally appeals more to retail traders, offering greater valuation elasticity; whereas the competition in the inclusive finance and mobile public chain sectors is fierce, putting heavy pressure on leading projects. CELO's valuation space is severely squeezed.

Finally, supply-side factors and market sentiment also play a role. RON has a higher circulation rate and more active turnover, making it more responsive to short-term rebounds. CELO's lower circulation rate, along with unlocking schedules and inflation expectations, has always suppressed its premium space, resulting in a relatively weaker trend.

Overall, while market cap can reflect trading enthusiasm in the short term, long-term value depends on the depth of liquidity, whether the narrative can truly be realized, and the cyclical position of the sector. These combined factors are the real determinants of a token's price movement.