According to
Coinmarketcap ranking criteria, for being eligible to be listed among the top 200, the coin/token must fulfill some requirements.
Most probably, the token you are talking about doesn't meet the requirements and that's why it's not displayed in the first two pages.
This is the most correct in my opinion based on the facts on the ground. the requirements of a coin to be in the best position on coinmarketcap are very different from a token that occupies a position in the order of many. For example, trading volume, exchange, marketcap, and selling and buying charts on a daily, weekly and monthly or yearly basis can affect positions on coinmarketcap.