The Tool Desk
Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →Fully diluted valuation (FDV) estimates a token’s market value if a defined broad supply—often its maximum supply—were valued at the current token price. Circulating market capitalization uses only tokens counted as circulating. At a launch with a small circulating float, FDV can therefore be much higher, but it is a supply-based scenario, not a prediction that the current price will hold as more tokens become available.
FDV and circulating market capitalization use different supply figures
Both measures multiply a token price by a supply number. The difference is which supply number they use:
As an Amazon Associate I earn from qualifying purchases.
- Circulating market capitalization: current token price × circulating supply.
- Fully diluted valuation: current token price × a broader supply figure, such as maximum supply or total supply, depending on the provider’s methodology.
Binance Academy defines FDV using maximum supply, while providers may use total supply when maximum supply is not fixed or their methodology specifies it. For any quoted FDV, identify the provider and supply basis rather than assuming every service calculates it the same way. Binance Academy updated its glossary definition on August 24, 2026; CoinGecko explains its formula and how supply can change through minting or burning.
Do these 3 things before closing this tab:
1Scan for outdated or missing drivers - takes under a minute2Repair Windows errors before they cause bigger problems3Fix the driver behind crashes, sound loss and screen glitchesHow the calculation works
FDV = token price × stated supply basis. The result answers a conditional question: what would the market value be if that supply were valued at the price used in the calculation? It does not mean all those tokens are currently tradeable or that the price will remain unchanged as supply grows.
Hypothetical example: If a token trades at $2 and its stated maximum supply is 100 million tokens, FDV on that maximum-supply basis is $200 million. If 10 million tokens are counted as circulating, circulating market capitalization at the same price is $20 million. These figures illustrate the arithmetic only; they do not forecast a $2 price when the rest of the supply becomes available.
Why FDV can look especially large at a token launch
A launch may have only a small fraction of its broad supply circulating. Multiplying the launch price by maximum or total supply can then yield an FDV far above circulating market capitalization, even though both calculations use the same quoted price. The gap is a consequence of the different supply bases; it is not proof by itself that the token is overvalued.
FDV’s arithmetic holds the selected price constant across the supply figure. In actual markets, demand, liquidity and price can change as tokens are released or otherwise enter circulation. The calculation does not show whether buyers will value future supply at today’s price.
What FDV leaves out: unlocks, issuance and supply definitions
Release timing
FDV does not say when locked, vested or otherwise unreleased tokens may enter circulation, or whether they will be released all at once. Check the project’s disclosed issuance and unlock schedule to understand timing. Treat the schedule as uncertain where release plans or future supply are not fixed. Crypto.com’s glossary discusses FDV’s hypothetical nature when tokens are locked or release timing is uncertain.
Changing supply
Maximum and total supply are not always static: tokens can be minted or burned. The circulating amount can also change as tokens are released or as a provider revises its classification. A past FDV or market-cap figure may therefore no longer describe the same supply conditions.
Provider methodology
There is no universal industry standard for supply metrics, according to Tokenomist’s methodology, which defines the metrics used by that service. When comparing figures from different platforms, check how each defines circulating, total and maximum supply. Coinbase’s educational overview also describes FDV and supply caveats.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to compare FDV across token launches
- Record the source and date. Prices, circulating supply and supply plans change; use an identified data provider and note when its figure was retrieved.
- Check the FDV supply basis. Find out whether the provider multiplies price by maximum supply, total supply or another stated figure.
- Compare like with like. Note circulating supply and circulating market capitalization alongside FDV. A large gap signals that the measures use substantially different supply bases, not that the future market value is known.
- Review future issuance and unlock timing. Consult the project’s disclosures for planned releases, emissions or other changes to supply, and note where timing or amounts are uncertain.
- Check supply rules and classifications. Confirm how the provider handles minted, burned, locked and circulating tokens before comparing one project’s figures with another’s.
For a broader valuation framework, the CFA Institute’s cryptoasset valuation guide treats circulating and fully diluted market capitalization as distinct measures.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
