What is the difference between circulating supply and total supply?

Circulating supply is the number of tokens currently tradeable on the open market. Total supply includes all tokens created so far, including those that are locked, in vesting schedules, held in team wallets, or reserved — but excludes tokens that have been burned. Total supply is always greater than or equal to circulating supply.

What is fully diluted valuation (FDV)?

FDV is the hypothetical market cap if every token that will ever exist were in circulation today, priced at the current market price. It is calculated as max supply (or total supply if no max exists) multiplied by the current price. A very high FDV relative to market cap signals that many tokens will enter circulation in the future, which can suppress price.

What is a healthy FDV-to-market-cap ratio?

There is no universal threshold, but ratios above 10x are generally considered high-risk because they imply large future token unlocks. Ratios closer to 1x–2x suggest most tokens are already circulating. Always research the unlock schedule and vesting timeline alongside this ratio.

What does circulating supply percentage mean?

It is the share of the total (or max) supply that is currently in public circulation. A low percentage (e.g. under 20%) means the majority of tokens are still locked and will be released later, increasing sell pressure over time. A high percentage (e.g. over 80%) means most of the supply is already on the market.

Should I use total supply or max supply for FDV?

Use max supply when the token has a hard cap (like Bitcoin's 21 million). Use total supply when there is no hard cap or the max supply is undefined. The calculator handles both cases: if you provide a max supply it uses that for FDV; otherwise it falls back to total supply.

Does this tool fetch live prices or supply data?

No. This is a fully offline, client-side calculator. You enter the numbers manually. You can find current supply and price data on CoinGecko, CoinMarketCap, or the token's official documentation.

Token Supply Calculator

Enter token supply figures and current price to instantly compute market cap, FDV, circulating percentage, and concentration metrics.

Token Supply Inputs

Circulating Supply

Tokens currently tradeable on the open market

Total Supply

All tokens issued to date (circulating + locked/vesting)

Max Supply (optional)

Hard cap on tokens ever in existence. Leave blank if unlimited.

Current Token Price (USD)

Enter supply figures and price,
then click Calculate to see token metrics

Copied!

Summary

The Token Supply Calculator helps investors and researchers analyze a cryptocurrency token's supply dynamics at a glance. By entering the circulating supply, total supply, maximum supply, and current token price, you instantly get the market capitalization, fully diluted valuation (FDV), circulating supply percentage, and token concentration ratio. These metrics are essential for evaluating whether a token is fairly valued, how much sell pressure may come from future unlocks, and how concentrated ownership is relative to the full token schedule.

How it works

Enter the circulating supply — the number of tokens currently in public circulation.
Enter the total supply — all tokens issued to date (includes locked, vesting, and circulating).
Enter the maximum supply — the hard cap on tokens that will ever exist (leave blank if unlimited).
Enter the current token price in USD.
The calculator computes market cap (circulating × price), FDV (max or total supply × price), circulating percentage, and the FDV-to-market-cap ratio.

Use cases

Estimating the fully diluted valuation of a new DeFi token before investing.
Comparing FDV-to-market-cap ratios across multiple projects to gauge unlock pressure.
Checking what percentage of supply is already circulating to assess inflation risk.
Calculating how much market cap would change at a target price.
Evaluating token concentration: how much value is locked in non-circulating supply.
Screening tokens where FDV is many multiples of market cap (high future sell pressure).
Teaching tokenomics fundamentals using real supply numbers.
Sanity-checking token metrics from a whitepaper against live data.

Frequently Asked Questions

Last updated: 2026-10-05 · Reviewed by Nham Vu