Fully Diluted Token Price Calculator
Turn a market cap and supply into the token price, then see the fully diluted valuation if every token were in circulation.
How it works
Price = market cap ÷ circulating supply · FDV = price × max supply
Market cap prices only the tokens circulating today, while fully diluted valuation (FDV) prices every token that will ever exist at today’s price. When a large share of supply is still locked, FDV towers over market cap — a warning that future unlocks could dilute holders as those tokens hit the market. A high FDV-to-market-cap ratio is one of the quickest tells that a token’s float is small and inflation is coming.
Worked example
A $1B market cap on 500M circulating tokens implies $2.00 per token. With a 1B max supply, FDV = 2.00 × 1B = $2B — twice the market cap, because only half the supply is circulating.
Frequently asked questions
What is fully diluted valuation?
FDV is the token’s current price multiplied by the maximum supply that will ever exist. It answers “what would this project be worth if every token, including locked and unminted ones, were trading today?”
Why does a high FDV-to-market-cap ratio matter?
It signals that a large fraction of supply is not yet circulating. As those tokens unlock, they add sell pressure and dilute existing holders, so the same market cap has to be spread over more coins.
Is a low token price the same as being cheap?
No. A $0.01 token with a trillion supply can have a larger valuation than a $50,000 token with a tiny supply. Judge value by market cap and FDV, not the nominal price per token.
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Educational estimate for crypto/DeFi mechanics — token prices are volatile and yields are not guaranteed. Not financial or tax advice.