You can check out above graph to see how the market cap of Waves has changed over time. The market cap value depends on the value of Waves on that particular day and number of Waves in supply at that day.

How is Waves Market Cap calculated?

The Waves Market cap is calculated using a simple formula. You can find it below:

Waves Market Capitalization in USD = Number of WAVES in supply X Price of one Waves in USD

Since the price of Waves is highly volatile you can see the market cap going up and down a lot. Sometimes price and market cap are not linear to each other due to increase in the supply of coins in the market and stable or decrease in the price of the coin. So you can say that it's not simple to predict the market cap of Waves or predict the price of Waves.