Hi, how is the ERC20 token on etherscan get their respective prices.
Basically, when I go to etherscan->ERC20 tokens; I see the list of tokens there, and beside it, there's a column of the price. Just like this:
Now, when I check and go to the contract section of any of these crypto tokens, I see the very basic contracts, and not any code block that defines the price of the token, yet they have certain price on their profile.
My question is how is the price given to the token?
I was earlier thinking, that the price can be made by using a formula like:
(Total token holders/ total supply) or anything as such.
But all the contracts are pretty basic and have nothing that defines the price.
So who or what defines the price of the token?
P.S: There was a similar asked question on the openzeppelin forum, but the link to which the solution was redirecting is now broken or taken down, so I cannot really use the help of that discussion (ERC20 token price on Etherscan)