Fully Diluted Valuation (FDV)
Price × max supply — a ceiling valuation if every token circulated today.
Definition
Fully diluted valuation estimates what a crypto project would be worth if its entire token supply were circulating at the current price. Researchers compare FDV to circulating market cap to judge unlock overhang.
Why researchers care
- High FDV with tiny float often means future unlock pressure.
- Narratives can reprice FDV faster than fundamentals — track both.
- Use FDV next to emissions and unlock calendars, never alone.
Related terms
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