Fully diluted valuation (FDV)
Fully diluted valuation (FDV) is a token's price multiplied by its maximum supply, meaning every token that will ever exist. It differs from market cap, which normally counts only circulating supply. A big gap between the two signals that many tokens are still to be unlocked or minted.
The definitions
CoinMarketCap's supply methodology lists several ways to value a token. Fully diluted valuation is maximum supply times price. Minted market cap is total supply, net of burns, times price. Circulating market cap is the publicly tradeable float times price. CoinMarketCap ranks assets by circulating market cap.
CoinMarketCap defines max supply as the best approximation of the most coins that will ever exist, minus any verifiably burned. Total supply is the amount in existence now, minus burns. Locked, team, treasury and private-sale allocations are generally not counted as circulating, even if they are technically unlocked.
Why the gap matters
When FDV is far above market cap, a large share of supply is held back by teams, investors, treasuries or future emissions. As those tokens unlock and reach the market, they add sell pressure. A token can look cheap on market cap while its FDV is already high.
FDV on memecoins
For many memecoins the two numbers are close or identical. Pump.fun computes market cap as price times 1 billion tokens, the full supply. On those coins the headline figure is already fully diluted. The risk there is not future unlocks but who holds the existing supply. DEX Screener's API reports market cap and FDV as separate fields, so check both when they differ.
What it means before you trade
Use FDV to ask how much supply is still to come and when. Use circulating market cap to see what is trading now, and liquidity to see what you can actually sell into. None of them is a price target, and an active mint authority can make even max supply unreliable.
Where this shows up
- DEX Screener — Traders who want a free, multi-chain view of new and trending DEX pairs before they trade on a separate DEX, wallet or bot.
- Birdeye — Solana-first traders who want a token tracker with a mobile app, and developers who need a metered on-chain data API.
- Jupiter — Solana traders who want aggregated routing across DEXes with low or zero fees on major and stable pairs.
- pump.fun — Creators launching a memecoin in one click, and traders buying early on the bonding curve before graduation.
- Hyperliquid — Perps traders outside the US who want onchain order-book trading from their own wallet, with fees that drop by volume and HYPE staking.
- Aster — Non-US, non-UK traders who want zero maker fees on order-book perps, very high leverage modes, or privacy-shielded orders.
Sources
Last checked . Fees and terms change often; the venue's own page wins if it disagrees with ours.
- Supply (Circulating, Total, Max) (CoinMarketCap support) — checked 2026-10-16
- pump.fun Fees — checked 2026-10-16
- DEX Screener API reference — checked 2026-10-16