Fully Diluted Valuation (FDV)
What a token would be worth if every future token existed today — the reality check for low-float launches.
Fully diluted valuation multiplies current price by the maximum future supply, versus market cap which uses only circulating supply. Both appear on every coin page here. A token priced at $1 with 100M circulating but 1B max supply has a $100M market cap and a $1B FDV.
The gap between the two is a supply forecast: it must close via unlocks and emissions, each new token a potential sale. Low-float/high-FDV launches were a defining pathology of the 2024–25 cycle — prices bled for months as insiders’ allocations vested. A ratio worth checking before ever calling a token “cheap.”