Crypto glossary
FDV (fully diluted valuation)
FDV, or fully diluted valuation, is a token's price multiplied by its maximum supply, as if every token that will ever exist were already circulating.
Fully diluted valuation takes the current price and applies it to all tokens that will ever exist, including those still locked, reserved for the team or due to be issued as rewards. When a token has no maximum supply, total supply is often used instead.
Comparing FDV with market cap shows how much future dilution a token faces. If the market cap is $200 million and the FDV is $2 billion, 90% of the supply has yet to reach the market, and new tokens will need buyers at today's price just to keep the price stable.
Many projects launch with low float and high FDV, selling a small slice of supply at a valuation that looks modest by market cap but is high by FDV. Investors watch the ratio, together with the unlock schedule, to judge whether a token is priced for its future supply. FDV is still a theoretical number and does not mean all tokens will ever circulate at that price.
Example
A token trades at $0.50 with 100 million in circulation and a maximum supply of 1 billion: its market cap is $50 million, while its FDV is $500 million.
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Related terms
Latest articles on FDV
- Zama Sets $55M FDV Floor for Token Sale on CoinList and Native Auction App
- Memento Research: Tokens With Modest FDVs Vastly Outperformed in 2025
- Bitcoin Decline Exposes FDV Forecast Flaws, Monad’s Debut Underscores the Risk
- Blast Royale to Launch $NOOB Low FDV Community Offering (LCO) for First Gaming x Meme Token
