Fully diluted valuation (FDV) calculator
See what a coin would be worth with its whole supply in circulation, and how much value, at today's price, is still to be released.
How it's calculated
Fully diluted valuation (FDV) = price per coin × maximum supply
- If the coin has no maximum supply (ether and Solana, for example), total supply (all coins created so far, including locked ones) is used instead. New coins can still be created, so this figure keeps rising.
- Data sites differ: many use maximum supply, while CoinGecko's own guide defines FDV with total supply. For coins whose total and maximum supply differ, their FDV figures won't match.
- Market cap = price × circulating supply. Circulating ÷ maximum shows how much of the eventual supply exists today.
- Value still to be released = FDV − market cap: the value, at today's price, of coins that will be unlocked or created later.
Worked example
A new token trades at $2. 150 million coins are circulating out of a 1 billion maximum. Market cap: $300 million. FDV: $2 × 1,000,000,000 = $2 billion. Only 15% of the supply is out, and $1.7 billion of value at today's price is still to come, much of it often owed to early investors and the team. If they sell as tokens unlock, the price has to absorb that selling.
Why it matters
A low market cap with a high FDV is a common pattern for new tokens, and the unlock schedule matters as much as the price. Check when and to whom tokens unlock, using the project's own documents, as part of researching a cryptocurrency. Bitcoin is the opposite case: about 95% of its 21 million maximum already exists.
Sources
- What is fully diluted valuation (FDV)? (CoinGecko)
- CoinGecko API: coins markets data (price, circulating, total and max supply)
Related reading: How do people value crypto assets?
Questions
What is fully diluted valuation in crypto?
The market cap a coin would have if its entire maximum supply were in circulation at today's price: price × maximum supply.
Is a high FDV bad?
Not by itself, but a big gap between FDV and market cap means many coins are still to be released, and their sale can push the price down.
What if a coin has no maximum supply?
FDV is then usually calculated from total supply, the coins that exist now including locked ones, which can grow over time.
Calculations run in your browser. The only request this page makes is the public CoinGecko price request, which carries nothing you type. Results are estimates for learning and planning, not financial or tax advice. Last reviewed November 4, 2026.