Crypto Market Cap & FDV Calculator
Calculate market cap and fully diluted valuation (FDV) for any cryptocurrency to understand potential risks from future token unlocks. Enter the current price, circulating supply, and maximum supply to see both metrics and their ratio.
Results
Market Cap
$0
Current price × circulating supply
Fully Diluted Valuation (FDV)
$0
Current price × max supply
FDV / Market Cap Ratio
0x
When you look at a cryptocurrency like Bitcoin or Ethereum on CoinMarketCap, you see two numbers: market cap and fully diluted valuation. They sound similar, but they tell you completely different stories. If you only pay attention to one, you could be making big mistakes-especially when investing in new tokens with locked supplies or long vesting schedules.
What Is Market Cap, Really?
Market cap is the simplest valuation metric you’ll ever use. You take the current price of a token and multiply it by how many are actually out there, trading in the open market. That’s it.For example, if a token is priced at $5 and 100 million tokens are circulating, the market cap is $500 million. It’s a real-time snapshot of what the market is willing to pay right now for the tokens you can actually buy.
This number matters for short-term traders. It tells you how big a project is today, how liquid it is, and how much money is currently locked in. A high market cap usually means more stability. Bitcoin’s market cap is huge because nearly all 19.3 million coins are already in circulation. That’s why it’s seen as the safest bet in crypto.
But here’s the catch: market cap ignores everything that’s coming. Locked tokens. Team allocations. Vesting schedules. Future token unlocks. If a project has 1 billion tokens total but only 100 million in circulation, its market cap only reflects 10% of its potential supply. That’s not the full picture.
What Is Fully Diluted Valuation (FDV)?
Fully diluted valuation (FDV) is the theoretical value of a project if every single token ever created was in circulation today. You calculate it by multiplying the token’s current price by its maximum supply-the total number of tokens that will ever exist, no matter when they’re released.Take a hypothetical token with a max supply of 1 billion and a current price of $2. Its FDV is $2 billion. But if only 100 million tokens are circulating, the market cap is just $200 million. That’s a 10x difference.
FDV answers one critical question: What happens when all the rest of the tokens hit the market?
In traditional stocks, this is called “fully diluted equity value.” Companies report it because employees hold stock options, and investors need to know what happens when those options get exercised. Crypto does the same thing-but way more dramatically. Many DeFi and Web3 projects launch with only 10-30% of their tokens in circulation. The rest are locked up for years, often for team members, investors, or ecosystem grants.
FDV helps you spot overhyped projects. If a new token has a market cap of $500 million but an FDV of $5 billion, that means 90% of its supply hasn’t even been released yet. If even 10% of those tokens hit the market, the price could crash. FDV is a warning light.
Why FDV Can Be Misleading (And Why You Should Still Use It)
Some people say FDV is useless because it’s theoretical. And they’re right-sort of. If a project has 500 million tokens locked for 5 years, FDV assumes they’re all out today. That’s not realistic. So why bother?Because FDV isn’t about predicting the future. It’s about understanding risk.
Think of it like this: If you’re buying a house and the seller says, “I’ll give you the keys tomorrow, but I still have 10 more houses to build on this land,” you’d want to know how many houses are planned. FDV is that list. It tells you how much supply is coming. You don’t have to believe it’ll all sell. But you need to know it exists.
Projects with high FDV relative to market cap are risky. They’re like a balloon about to pop. Every time a large unlock happens, the price drops. That’s not speculation-it’s history. Look at Solana’s early days. When team tokens started unlocking in 2021, the price fell over 60% in weeks. FDV had warned investors months before.
On the flip side, FDV can also reveal hidden value. Some tokens have low market caps but tiny max supplies. That means even small demand spikes can push prices up fast. Projects like Arbitrum and Optimism had low circulating supplies early on, so their FDVs were misleadingly high-but their market caps were low. That’s where smart investors looked.
How to Use Both Metrics Together
You don’t choose between market cap and FDV. You use them together.Here’s a simple rule: Market cap tells you what’s happening now. FDV tells you what could happen next.
Use market cap to:
- Compare active trading volume
- Decide which coins to trade today
- See how much liquidity is available
Use FDV to:
- Assess long-term risk
- Spot projects with dangerous unlock schedules
- Compare projects with different tokenomics
Let’s say you’re looking at two new Layer 2 blockchains:
| Project | Current Price | Circulating Supply | Max Supply | Market Cap | FDV | FDV / Market Cap Ratio |
|---|---|---|---|---|---|---|
| Project A | $1.20 | 500M | 1B | $600M | $1.2B | 2.0x |
| Project B | $0.80 | 800M | 1B | $640M | $800M | 1.25x |
At first glance, both have similar market caps. But Project A has twice as many tokens locked up. That means its FDV is double its market cap. If 500 million tokens unlock next year, the price could halve unless demand grows equally. Project B? Only 200 million tokens are locked. Much lower risk.
Always check the unlock calendar. Most projects publish it on their website or in their whitepaper. Look for big unlocks in the next 6-12 months. If a team allocation of 150 million tokens is set to release in 3 months, that’s a red flag-even if the market cap looks fine.
What the Experts Say
Top crypto analysts don’t ignore FDV. In fact, they rely on it.According to CoinGecko’s 2024 institutional report, 78% of professional crypto funds now use FDV as a core metric when evaluating new projects. Why? Because they’ve been burned before. In 2022, over $12 billion in token value was wiped out in just three months because of unannounced unlocks.
Traditional finance has used this concept for decades. When Apple reports earnings, they don’t just show EPS based on current shares. They show fully diluted EPS-including stock options. Same logic. Same warning.
And now, even regulators are catching on. The SEC has started asking crypto firms to disclose their max supply and vesting schedules. Why? Because investors need to know the full picture.
What to Do Next
Here’s your action plan:- Always check both market cap and FDV on CoinMarketCap or CoinGecko before buying any token.
- If FDV is more than 3x market cap, be very cautious. That’s a red zone.
- Find the tokenomics page. Look for unlock schedules. Are big chunks coming in the next 6 months?
- Compare FDV across similar projects. A lower FDV-to-market-cap ratio means less dilution risk.
- Don’t ignore market cap-it’s still your entry point. But don’t trust it alone.
Most retail investors lose money not because they picked the wrong coin-but because they didn’t understand the supply dynamics. A coin can look cheap with a low market cap, but if 90% of its tokens are still locked, that’s not a bargain. It’s a time bomb.
Market cap is the headline. FDV is the fine print. You need both to read the full story.
Is market cap or FDV more important for long-term investing?
For long-term investing, FDV is more important because it shows the full potential supply of tokens. A project might look valuable today with a high market cap, but if hundreds of millions of tokens are set to unlock over the next few years, the price could drop sharply. FDV helps you anticipate that risk. Market cap tells you what’s happening now, but FDV tells you what’s coming.
Can FDV be higher than market cap?
Yes, and it’s very common-especially in crypto. Most projects launch with only a small portion of their total supply in circulation. For example, Bitcoin’s FDV is about 8% higher than its market cap because 1.7 million coins are still unmined. But for newer tokens, FDV can be 5x, 10x, or even 20x higher than market cap. That’s normal-but risky.
Why do some projects have a max supply that’s never reached?
Some tokens have inflationary models where new coins are minted over time, so there’s no hard cap. Others have max supply set for legal or technical reasons, but tokens are burned or destroyed faster than they’re released. For example, Binance Coin (BNB) burns tokens quarterly, reducing its total supply. So even if a project lists a max supply, it’s not always final.
How do I find a project’s max supply and unlock schedule?
Check the official project website, usually under “Tokenomics,” “Economics,” or “Whitepaper.” Reliable projects publish this openly. You can also find it on CoinMarketCap or CoinGecko under the “Supply” section. If it’s not listed, that’s a red flag. Avoid projects that hide their token distribution.
Does FDV matter for Bitcoin and Ethereum?
It matters, but less than for newer tokens. Bitcoin has a fixed max supply of 21 million, and nearly all of it is already circulating. Its FDV is only slightly higher than its market cap. Ethereum doesn’t have a max supply, so FDV isn’t a fixed number. But for mature projects like these, market cap is the primary metric because supply changes are minimal.
Ayanda Ndoni
28 10 25 / 19:07 PMBro, I just check market cap and buy. FDV? That’s just crypto mumbo jumbo to make people overthink. I made 5x last month ignoring all that noise.
Why complicate life?
Sean Huang
30 10 25 / 13:59 PMLet me ask you this - if FDV is so crucial why does the SEC not regulate it like EPS in traditional markets?
Because it’s a placebo metric designed to scare retail into FOMOing on low-supply coins while whales dump their locked bags.
They want you scared of phantom supply so you buy the ‘safe’ ones with high market cap - which are already pumped by insiders.
It’s not analysis. It’s psychological manipulation wrapped in a whitepaper.
And don’t even get me started on CoinGecko’s FDV calculations - they use spot price from one exchange and assume it’s global truth.
LOL.
Also - Bitcoin’s FDV is meaningless because mining isn’t supply release - it’s creation. You can’t dilute what doesn’t exist yet.
Stop drinking the crypto Kool-Aid.
Serena Dean
31 10 25 / 14:02 PMGreat breakdown! I used to only look at market cap until I got burned by a token that had a $200M cap but a $3B FDV - then 400M tokens unlocked in 2 weeks and my portfolio got wrecked.
Now I always check the unlock calendar like it’s my calendar for dentist appointments.
Pro tip: If a team allocation unlocks in 3 months and it’s 15%+ of total supply, run.
Also - use CoinGecko’s ‘Token Unlock’ tool. It’s free and lifesaving.
You’re not missing out by waiting - you’re avoiding disaster.
James Young
1 11 25 / 16:50 PMYou people are missing the point entirely. FDV isn’t a risk indicator - it’s a manipulation tool used by dev teams to make their projects look overvalued so they can dump on early buyers.
Why do you think every new memecoin has a 10x FDV? Because they know idiots will panic and buy at $0.01 thinking ‘oh it’s only 1% circulating’.
Meanwhile the team has 20% locked for 5 years and 30% already sold to VCs.
Market cap is the only metric that matters because it reflects real demand.
FDV is just a distraction for people who can’t do basic math.
And no, Solana didn’t crash because of unlocks - it crashed because the chain kept going down and everyone realized it was just a glorified Ethereum clone.
Stop blaming supply for poor product.
Chloe Jobson
3 11 25 / 00:04 AMMarket cap = liquidity. FDV = dilution risk.
Use both. Don’t pick sides.
Also - check vesting schedules on TokenUnlocks.com. Saved my ass twice.
Simple. Done.
Jonathan Tanguay
4 11 25 / 17:01 PMLook I’ve been in crypto since 2017 and I’ve seen every single meme coin and DeFi project come and go and let me tell you something - FDV is the only thing that separates the sheep from the goats.
Most people don’t even know what max supply means - they think it’s the same as circulating supply because they’re too lazy to click the ‘Supply’ tab on CoinMarketCap.
And then they cry when their $0.50 coin drops to $0.05 because 800M tokens unlocked and they didn’t check the calendar.
Also - if you’re buying a token with FDV 5x market cap and no clear use case - you’re not investing you’re gambling.
And if you think Bitcoin’s FDV doesn’t matter because it’s ‘mature’ - you’re an idiot. The last 1.7M BTC are going to be mined over the next 120 years - that’s not irrelevant - that’s a deflationary tailwind.
Also - BNB burns are a scam - they’re just buying back tokens on the open market and pretending it’s deflation - it’s not - it’s just market manipulation.
And don’t get me started on Ethereum’s infinite supply - that’s a time bomb waiting to explode when staking rewards get cut and the chain gets congested.
Sorry - I’m just tired of people not doing their homework.
Also - your grandma could read a tokenomics page - why can’t you?
Elliott Algarin
5 11 25 / 23:59 PMIt’s funny how we treat FDV like some cosmic truth when it’s just a math equation based on a single price point.
What if the price drops tomorrow? FDV changes.
What if demand disappears before unlocks happen? FDV becomes meaningless.
It’s like looking at a house’s future value based on today’s market - useful, but not destiny.
Maybe the real lesson isn’t about FDV vs market cap - it’s about asking: ‘Do I trust this team?’
Because no metric can save you from a rug pull.
Still - I always check both. Just in case.
Akinyemi Akindele Winner
6 11 25 / 00:49 AMMan, FDV? That’s just crypto version of ‘your future self will pay for this’
Like when you buy 10 bags of plantain chips and eat them all in one night - then wake up with stomach ache and regret.
Market cap is the snack you’re eating now.
FDV? That’s the 9 other bags still in your cupboard waiting to kill you.
Some people eat all 10 bags and say ‘I’m fine!’
Others check the cupboard first.
Which one you gonna be?
MANGESH NEEL
7 11 25 / 23:08 PMEveryone here is acting like FDV is some sacred scripture - it’s not.
It’s a scam metric invented by devs to make their worthless tokens look ‘undervalued’ so you buy in early.
Look at the history - every single project with FDV > 5x market cap that didn’t have a real product - collapsed.
And the ones that survived? They had actual utility - not just a tokenomics diagram.
But you people don’t care about utility - you care about ‘low market cap = cheap’.
That’s why you’re broke.
And don’t tell me ‘but Arbitrum!’ - Arbitrum had real adoption, real TVL, real devs - not just a whitepaper and a Discord.
You’re not an investor - you’re a speculator with a spreadsheet.
Stop pretending you’re smart.
FDV doesn’t save you - discipline does.
Ali Korkor
7 11 25 / 23:18 PMSimple advice: If you're new to crypto - always check FDV before buying.
It's like checking the odometer before buying a used car.
Low market cap + high FDV = car with 100K miles but the seller says 'it's barely been driven'.
Don't fall for it.
Take 30 seconds to look at the unlock schedule.
It could save you thousands.
You got this.