The Vibe: The “what if” total value of a crypto project if every single token that will ever exist was already out and trading at the current price—like imagining the market cap if all locked, vested, or future coins were unlocked right now.
The Details: FDV (Fully Diluted Valuation) is a metric that shows a project’s total potential market value by multiplying the current token price by its maximum possible supply (including all tokens not yet released, like those locked for team, vesting, or future emissions). It’s different from current market cap, which only counts circulating supply. High FDV compared to low market cap means lots of future tokens could come in, potentially diluting the price if demand doesn’t grow. Common in new tokens, meme coins, or projects with big unlocks. In 2026, traders watch FDV closely on DexScreener or CoinGecko to spot overvalued or “dilution risk” projects—low FDV relative to market cap often signals room to grow.
Pro Tip: When looking at a new token, compare FDV to market cap—if FDV is much higher (e.g., 10x+), be cautious of future sell pressure from unlocks. Check vesting schedules on project docs or TokenUnlocks.app. Prefer projects with reasonable FDV and locked team tokens—always DYOR on supply details before buying.