How do circulating supply and total supply change market cap and FDV?
Market capitalisation values the circulating token supply at the entered price, while fully diluted valuation applies that price to the larger maximum or total supply. Their gap represents tokens not yet circulating at that price.
Valuing two definitions of token supply
Token price multiplied by circulating supply gives market capitalisation. The same price multiplied by total supply gives fully diluted value.
Supply not yet circulating is expressed both as an estimated value and as a percentage of total supply. The calculation assumes the entered token price applies to all units and does not model future selling pressure or supply schedules.
Price times circulating or diluted supply
Market cap = Price × Circulating supplyFDV = Price × Total supplyDilution = (Total − Circulating) ÷ Total × 100Holding price constant across two supplies
The default example holds token price constant and applies it to two supply figures. It shows current market cap, FDV and the relationship between them.
Reading the valuation gap
A high FDV-to-market-cap relationship signals that circulating supply is small relative to the diluted supply. It does not tell you when or whether additional tokens will enter circulation.
Why FDV is not a future market-cap forecast
FDV assumes every counted token can be valued at today’s entered price. Actual unlocks can change price and liquidity, so it is not a forecast of future market cap.
- The same entered token price is applied to both supply measures.
- Supply inputs use consistent token units.
- Unlock schedules, burns, liquidity and price impact are excluded.
Calculations related to market cap and fdv
The following tools examine neighbouring parts of the same calculation without changing the inputs or assumptions used above.
Quick answers
Frequently asked questions
What is the difference between market cap and FDV?
Market cap uses circulating supply, while fully diluted value uses total supply at the same entered price.
What does market cap divided by FDV show?
It shows the circulating market-cap proportion of the fully diluted value under the entered supplies.
Does a high FDV predict future token price?
No. This calculator only applies the current entered price to supply figures and makes no price prediction.
Educational content only. This guide is not financial advice.