CashboardGlossary · Trading
What is fully diluted valuation?
Fully diluted valuation (FDV) is a token's price times its maximum or total supply, counting tokens that are still locked or not yet issued.
How is fully diluted valuation calculated?
FDV asks one question: what would the token be worth at today's price if every token that will ever exist were already trading? Locked team and investor allocations count. So do future emissions and the treasury.
The number to watch is the gap. A token with a $300 million market cap and a $3 billion FDV has 10 percent of its supply trading. The other 90 percent unlocks over time, and every unlock is potential selling unless demand grows to absorb it. Traders call these low float, high FDV tokens, and the label is rarely a compliment.
Two caveats. Tokens with no maximum supply get their FDV from total supply, so an inflationary token can outgrow today's figure. Memecoins sit at the other end: a pump.fun token mints its full 1 billion supply at launch, so its market cap and FDV come out as the same number.
Invent a token that lists at $0.50 with 200 million circulating and a 1 billion maximum supply. Market cap is $100 million. FDV is $500 million. And 800 million tokens still have to find buyers.
Also called: FDV, fully diluted market cap.
Where does fully diluted valuation show up in Cashboard?
Cashboard does not calculate FDV itself. Prices lists market cap and CoinGecko rank but leaves FDV out, so the gap is yours to work out. Trending on-chain shows the FDV its data source reports for each pool's token, next to 24h volume and pool liquidity. Launchpad radar sticks to market cap, since that is the number people quote for a token that launched an hour ago.
Frequently asked questions
Is a high FDV bad?
Not on its own. What matters is how far FDV sits above market cap and how quickly the locked supply unlocks. A high FDV with most tokens already circulating carries much less unlock risk than the same FDV on a 10 percent float.
Related terms
Last reviewed . Market data in Cashboard comes from the providers named on each widget and may be delayed. Nothing here is financial advice.