Circulating Supply
Tokens available to trade today — the float the market actually prices.
Definition
Circulating supply is the number of tokens currently in public circulation and tradable. It excludes locked, unminted, or reserved tokens that cannot hit the market yet.
Why researchers care
- Market cap uses circulating supply, not max supply.
- Sudden unlocks increase circulating supply and can dilute price.
- Always pair float with who holds the unlocked bags.
Related terms
Put vocabulary into practice on the Alphora research desk or browse the research blog.