FDV is the theoretical market cap of a crypto asset if its entire maximum supply were already in circulation at the current price.
Fully diluted valuation, or FDV, estimates what an asset would be worth if every possible token were already issued and trading at the current price.
It is calculated by multiplying the current price by the maximum or total supply, rather than just the circulating supply used for market cap. If many tokens are still locked, vesting, or unmined, FDV can be far higher than the current market cap.
FDV matters because it hints at future dilution. When large amounts of new supply unlock over time, that selling pressure can weigh on the price even if demand stays constant.
Comparing market cap to FDV gives a quick sense of how much potential dilution is ahead. A market cap far below FDV is a signal to research the token release schedule.
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