CoinucationFully Diluted Valuation (FDV)
FDV is what a crypto asset would be worth at today's price if every token that will ever exist were already in circulation.
Fully diluted valuation multiplies the current price by the total or maximum supply instead of the circulating supply. It answers the question: if all locked and future tokens were released today at this price, what would the whole project be worth? It is the crypto equivalent of a fully diluted share count in equity analysis.
The ratio between market cap and FDV shows how much of the supply is still to come. A token at 1 dollar with 100 million circulating and 1 billion total has a market cap of 100 million dollars and an FDV of 1 billion dollars. Only 10 percent of the supply is out, so holders are effectively paying a 1 billion dollar valuation for a project whose remaining 90 percent will unlock over time.
A low market cap with a very high FDV became a well-known warning sign in the 2024 cycle, when many new tokens launched with small floats and large valuations and then fell steadily as unlocks arrived. FDV is less meaningful for assets like Bitcoin, where nearly all of the supply is already circulating.
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