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What Is the Difference between Fully Diluted Market Cap and Circulating Market Cap?

Circulating cap is current tradable supply value; FDMC is the value of the entire maximum supply.
Greeks.Live17.11.25

What Is the Difference between Fully Diluted Market Cap and Circulating Market Cap?

Circulating market cap is the total value of all tokens currently available and trading in the public market. Fully diluted market cap (FDMC) is the total value if the entire maximum supply of tokens were in circulation, including tokens that are locked, vested, or not yet minted.

FDMC is a measure of the project's long-term valuation.

What Is a “Fully Diluted Valuation” (FDV) and Why Is It Important for New Tokens?
How Does Accelerated Vesting Impact a Project’s Circulating Supply and Market Capitalization?
Why Is ‘Fully Diluted Valuation’ (FDV) Often Higher than Market Cap?
Why Might a High FDV Compared to a Low Circulating Market Cap Be a Red Flag for Investors?

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