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One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchMarket cap uses a token’s estimated circulating supply; fully diluted valuation (FDV) applies its current price to an estimate of maximum supply. The difference can help you investigate potential future supply, but FDV is not a forecast, a measure of money invested, or proof that all tokens will trade at today’s price. To evaluate a token, check how supply is defined, when additional tokens may become available, who receives them, and whether the market can absorb potential selling.
What is the difference between market cap and FDV?
Both figures multiply a token price by a supply count, but they use different counts:
- Circulating market cap: token price × circulating supply.
- Fully diluted valuation: token price × maximum supply estimate.
CoinMarketCap defines circulating supply as an estimate of units circulating in the market and in public hands. FDV applies the current price to the maximum-supply estimate, including units that may not yet exist or circulate. It is a hypothetical calculation—not cash invested in the token or a prediction that future tokens will sell at the current price. See CoinMarketCap’s supply definitions and formulas.
For a simple arithmetic example, suppose a token trades at $2, has 100 million circulating units, and has a stated maximum supply of 1 billion units. Its circulating market cap is $200 million; its FDV is $2 billion. Neither result establishes what the token is worth, and the calculation does not assume its price would stay at $2 as supply changes.
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Why can market cap and FDV differ so much?
The gap reflects the supply denominator: the maximum-supply estimate may include tokens that are not currently circulating. A large gap can therefore be a prompt to investigate future issuance and unlocks. It does not, by itself, establish that a token is overvalued, that holders will sell, or that the price will fall.
Supply labels are not interchangeable. Total supply generally refers to units in existence, less verifiably burned units; CoinMarketCap calls price multiplied by total supply “minted market cap.” Unlocked supply concerns units that may be available for sale at a given time. CoinMarketCap explicitly states, “Circulating Supply is not Unlocked Supply.” An unlocked token is not necessarily being offered for sale. Definitions and verification practices vary by data provider, so check the methodology behind each figure rather than assuming trackers use identical rules. See CoinMarketCap’s market-cap methodology.
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How to evaluate a token’s supply and valuation
- Confirm the supply figures. Identify the circulating, total, maximum, and unlocked supply shown, and check the provider’s definitions. Determine whether the maximum is fixed, estimated, or unavailable; don’t treat an estimate as a guaranteed cap.
- Measure the current float against a stated denominator. You can calculate circulating supply ÷ maximum supply to describe the circulating share of the maximum, or circulating supply ÷ total supply to compare it with units currently in existence. State which denominator you use. The ratio is descriptive; its significance depends on the token’s issuance design.
- Read the release schedule. Check dates and amounts for unlocks, cliffs, vesting, and ongoing emissions. Note recipient groups such as team members, investors, community allocations, treasury, or rewards. These details can indicate when more tokens may become available, but they do not show whether recipients will sell.
- Assess liquidity and demand. Supply totals do not tell you how much can be sold without affecting price. Consider trading liquidity and evidence of actual token use alongside the release schedule; branding or a large FDV alone does not establish demand or the market’s capacity to absorb selling.
- Check the token’s supply rules. Burns, variable emissions, or uncapped and algorithmic issuance can make a simple maximum-supply FDV incomplete or unavailable. If a maximum depends on assumptions, make those assumptions explicit rather than presenting the resulting FDV as definitive.
How should you compare two tokens?
Compare like with like, and use the same observation date where possible: token prices and supply figures can change. A useful comparison covers more than the two headline valuations.
| What to compare | What to check |
|---|---|
| Circulating share | Circulating supply as a share of a clearly stated denominator, such as maximum or total supply. |
| Upcoming supply | Near-term and cumulative unlocks or emissions, their dates, amounts, and recipient groups. |
| Supply rules | Whether maximum supply is fixed, how new units are issued, and whether burns affect supply. |
| Liquidity | Whether trading markets appear capable of absorbing potential selling without assuming the quoted price applies to every unit. |
| Demand and use | Evidence of token use and demand, rather than utility inferred from a project’s description alone. |
Use the same provider’s figures for a consistent snapshot, or reconcile differences if you use multiple providers. CoinMarketCap’s glossary describes the distinction as market cap versus fully diluted value; its figures reflect its own definitions and methodology.
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What FDV can—and cannot—tell you
FDV is useful as a supply scenario: it shows what the current price multiplied by the stated maximum-supply estimate would produce. It can flag a large amount of potential future supply relative to the current circulating amount. To understand whether that supply could matter, examine its timing, recipients, issuance rules, liquidity, and demand.
FDV cannot tell you whether future supply will be issued, when holders will sell, what price the market will pay, or whether a token is fairly valued. A token with no fixed maximum supply may have no straightforward FDV, or its figure may depend on an assumption about future issuance. Treat the number accordingly, not as a price target or standalone verdict.
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