What is the difference between market cap and FDV?

Circulating market cap is price multiplied by the supply in circulation today. Fully diluted valuation (FDV) is price multiplied by total or maximum supply, assuming every token already existed. FDV is always equal to or larger than market cap.

Why does a high FDV-to-market-cap ratio matter?

A large gap means a big share of supply is still locked and will enter circulation later. If demand stays flat, that new supply pushes the price down. A ratio of 5x means only a fifth of the eventual supply is liquid today.

How is the dilution from an unlock calculated?

Dilution is the unlocked amount divided by the current circulating supply. If 10 million tokens unlock against 100 million circulating, that is a 10 percent increase in liquid supply, which is the sell-side pressure to weigh against demand.

Does a token unlock always crash the price?

No. Unlocks add potential sell pressure, but the actual effect depends on whether holders sell, how deep the order books are, and whether demand is growing. The dilution percentage tells you the size of the supply shock, not the guaranteed price move.

What price should I use?

Use the current spot price from a reliable exchange or aggregator. Both market cap and FDV scale linearly with price, so the FDV-to-market-cap ratio and the dilution percentage stay the same regardless of the price you enter.

Token Dilution & Fully Diluted Valuation Calculator

Two tokens can trade at the same price yet be worth wildly different amounts, because price alone ignores how much supply is still locked. This calculator turns supply figures and an upcoming unlock into the numbers that actually matter for valuation: circulating market cap, fully diluted valuation, and the dilution each unlock adds.

How it works

The calculator applies the standard tokenomics formulas:

circulating market cap = price × circulating supply
fully diluted valuation (FDV) = price × total supply
FDV / market cap ratio = total supply / circulating supply
unlock dilution % = next unlock / circulating supply × 100

The FDV-to-market-cap ratio is a pure supply ratio, so it is independent of price. A ratio well above 1 flags that most of the supply has yet to hit the market — a structural headwind unless demand keeps pace.

Example and tips

Suppose a token trades at 0.50, with 100 million circulating out of a 500 million total supply. Market cap is 50 million, FDV is 250 million, and the ratio is 5x — meaning four times the current liquid supply is still locked. If the next unlock releases 20 million tokens, that is a 20% increase in circulating supply. Compare that dilution figure against your view of demand growth: an unlock that adds 20 percent supply needs at least 20 percent more buying just to hold the price flat.