What is FDV in crypto? FDV vs market cap
FDV is a token's price times its full supply; market cap counts only what circulates. How to read the gap, with WIF and PYTH as worked examples.
What is FDV in crypto? FDV, or fully diluted valuation, is a token’s price multiplied by its full supply, including tokens that are locked or not yet released. Market cap multiplies the same price by the circulating supply only. When the two match, the whole supply is already trading; when FDV is much higher, more supply is still to come. Cherry (cherry.fun) is a wallet-to-wallet messenger and community app for crypto, and its token cards print both numbers side by side in the chat.
How FDV and market cap work
- Market cap = price × circulating supply
- FDV = price × maximum supply
Circulating supply is what holders can trade today. Total supply is everything minted and not burned, including tokens held in vesting contracts. Maximum supply is the cap the token can ever reach.
Data sites do not all use the same figure for FDV. CoinGecko’s own guide defines it as price times total supply. In October 2026, CoinGecko listed JUP at about 3.32 billion circulating, 6.86 billion total and a 10 billion maximum, so its FDV there was about 2.07 times its market cap; against the maximum it would be about 3 times. Check which supply a site uses before comparing tokens across sites.
So FDV and market cap are the same number only when everything is circulating. Their ratio does not depend on price: half the supply circulating means an FDV twice the market cap.
Example on Cherry
In the Cherry web app, type $TICKER or paste a contract address and the message posts as a token card with a stats grid labelled MC, FDV, 24h Vol and Liq. A dash means no figure is available.
| What the card shows | What it tells you |
|---|---|
| MC equals FDV | The whole supply is out |
| FDV well above MC | Tokens are still locked or unreleased |
| Liq small next to MC | Even a modest sale moves the price |
| 24h Vol near zero | Few trades in the last 24 hours |
WIF is the first case. In October 2026 CoinGecko showed one figure, about 999 million WIF, for circulating, total and maximum supply, and the mint authority is disabled, so no new WIF can be created. MC and FDV on its card match.
PYTH is the second. Pyth’s tokenomics post of October 2023 set a 10 billion maximum, 15% circulating at launch, and the locked 85% released 6, 18, 30 and 42 months after launch. In October 2026, CoinGecko counted about 7.87 billion PYTH as circulating, so FDV was about 1.27 times market cap. The gap is the roughly 2.1 billion PYTH not yet circulating.
Both numbers multiply the last traded price by a token count, so neither says what the supply would fetch if sold. Liq is the money sitting in trading pools, and a large sale into thin pools drops the price long before it fills.
A high FDV calls for three more checks: when the locked tokens release, who receives them, and whether there is liquidity to take them. Card figures can differ a little from CoinGecko’s, because data sites count supply their own way. Trading in chat covers the card and its BUY button.
Nothing here is financial advice. Tokens can lose value.
Related terms
- Contract address : the address you paste to bring up a token card.
- The trenches : the newest launches, where MC and FDV move by the minute.
- Crypto whale : a wallet large enough to matter next to a token’s liquidity.
FAQ
Is a high FDV bad?
Not by itself. A high FDV next to a much lower market cap means a large share of the supply is still to be released, so the questions are when those tokens release, who receives them, and how much liquidity there is to absorb them. A token whose FDV equals its market cap has no supply left to release, which settles only that one question.
Sources
Try Cherry
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