Fully Diluted Valuation (FDV)

Estimates what a cryptocurrency's total market value would be if all tokens that will ever exist were already in circulation.

Written by the Vorzep Team

CryptoInvestingMarket Analysis

Fully Diluted Valuation Calculator FDV = Max Supply · Price

FDV = Max Supply · Current Price

FDV = fully diluted valuation ($) · Max Supply = maximum token supply · Current Price = current token price ($)

⟹ Solve ⟷ FDV, Max Supply, Price

Fully Diluted Valuation (FDV)

Max Supply

tokens

Current Price

$/token

Please fix the errors above.

Solve for: FDV Max Supply Current Price

Presets:

Fully Diluted Valuation —

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FDV: — Max Supply: — Price: —

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FDV Gauge (log scale) —

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FDV = Max Supply · Current Price · The fully diluted valuation assumes all tokens are in circulation.

Variables

Symbol	Quantity	Unit
FDV	Fully diluted valuation	currency
Max Supply	Maximum total token supply that will ever exist	coins
Current Price	Current market price per coin	currency

What it means

Fully Diluted Valuation (FDV) calculates the market cap based on the maximum token supply, assuming all tokens are in circulation. It gives an upper bound on the valuation and helps assess the potential dilution from future unlocks. A large difference between market cap and FDV indicates significant future supply expansion. This is used to evaluate whether a token is overvalued relative to its future supply. Understanding FDV is important for long‑term investors to consider the impact of tokenomics and future selling pressure.

Worked example

Fully Diluted Valuation – Two Detailed Examples

Real‑World

Scenario: A token has a maximum supply of 21,000,000 BTC (Bitcoin's cap) and a current price of $60,000. The FDV is 21,000,000 × 60,000 = $1.26 trillion. Since Bitcoin's circulating supply is close to the max, FDV is nearly identical to market cap. Investors look at FDV to understand the potential dilution if all tokens were released.

Parameter	Value
Max Supply	21,000,000
Current Price	$60,000

1FDV = 21,000,000 × 60,000 = 1,260,000,000,000

Result $1.26×10¹² ✓ FDV

Scenario: A newer token has a max supply of 1,000,000,000 and a price of $0.50. The FDV is 1,000,000,000 × 0.50 = $500 million. If the circulating supply is only 100 million, the market cap is $50 million, implying significant future dilution. The investor uses FDV to assess the potential downward pressure on price as more tokens are unlocked.

Parameter	Value
Max Supply	1,000,000,000
Price	$0.50

1FDV = 1,000,000,000 × 0.50 = 500,000,000

Result $5.00×10⁸ ✓ FDV

Insight: FDV represents the valuation if all tokens were in circulation. A wide gap between market cap and FDV may indicate future dilution risk, which is important for long‑term investors.

Common mistakes

Max supply: The total number of tokens that will ever exist (may be infinite for some coins).
Current price: The market price.
FDV: Fully diluted valuation – assumes all tokens are in circulation.
Interpretation: FDV can be misleading if large amounts are locked.

Applications

Fully diluted valuation (FDV) multiplies the maximum supply by the current price, representing the theoretical market cap if all tokens were in circulation. This metric is used to evaluate a project's potential valuation and to compare it with its current market cap. Investors use FDV to gauge dilution risk and to assess the tokenomics of a project. A large difference between market cap and FDV indicates significant future dilution, which may impact price. FDV is also used in token sale analysis and in evaluating the attractiveness of early‑stage investments. Understanding FDV is crucial for assessing long‑term value.

Evaluating token dilution risk from future unlocks
Comparing current valuation with fully diluted scenario
Assessing tokenomics and supply schedules
Investment decisions in early‑stage projects
Fundamental analysis of crypto assets