Token Market Cap Calculator
Calculate a crypto token’s market cap and fully diluted valuation from its price, circulating supply and max supply — and see how much dilution is still to come.
How it works
Market cap = price × circulating supply · FDV = price × max supply · % circulating = circulating ÷ max supply × 100
Market cap values only the tokens actually in circulation, while fully diluted valuation prices in every token that will ever exist as if it were unlocked today. The gap between the two is future dilution: coins still locked in team, treasury or emission schedules that will hit the market later. A token with a low share of supply circulating can look cheap by market cap yet carry a much larger FDV, a warning that heavy unlocks lie ahead.
Worked example
A token at $2.50 with 400 million circulating out of a 1 billion max supply has a market cap of 2.50 × 400,000,000 = $1.0 billion. Its FDV is 2.50 × 1,000,000,000 = $2.5 billion, and only 40% of supply is circulating — the other $1.5 billion of value is still to be unlocked.
Frequently asked questions
What is the difference between market cap and FDV?
Market cap uses the circulating supply — coins available to trade now — while fully diluted valuation uses the maximum supply, treating every future token as if it already existed. FDV is always equal to or larger than market cap, and the difference is the value of tokens not yet released.
Why does a low circulating percentage matter?
If only a small fraction of the max supply is circulating, large token unlocks are still coming. Those unlocks add sell pressure and dilute existing holders, so a small circulating share is a signal to check the emission schedule before reading market cap as "cheap".
Is a higher market cap always better?
Not necessarily — market cap measures total value, not price or growth potential. A high cap can mean a mature, liquid asset or an overvalued one; it should be read alongside supply dynamics, liquidity and the project’s fundamentals.
Related calculators
This calculator is for educational purposes. Double-check important results before acting on them.