A valuation changes when either the price or the supply definition changes.
Name the denominator
Market capitalisation commonly uses circulating supply; fully diluted valuation uses a broader supply measure. Providers distinguish circulating, total and maximum supply, and their classifications can differ. Tokens held in treasuries or under restrictions need careful treatment. A label such as “fully diluted” is not enough: inspect which number the particular data service multiplies by the displayed price.
The arithmetic in practice
Consider a fictional token priced at $2, with 10 million circulating units and a 50 million maximum. Under those assumptions, circulating market cap is $20 million and maximum-supply FDV is $100 million. Neither figure means that amount of cash entered the project. Nor does either show how much a seller could receive from the available order book or liquidity pool.
An unlock changes the question
If more tokens become transferable while price stays unchanged, the circulating valuation may rise mechanically. That does not, by itself, establish new demand. Conversely, a burn can reduce a supply measure without making anyone willing to pay more. Separate changes in units from changes in the price people actually exchange at, and identify whether the tracker has updated its supply classification.
Build a comparison that can be checked
For each asset, record the exact contract, price timestamp, circulating figure, broader supply figure and provider. Recalculate the two valuations. If providers disagree, show both definitions rather than silently choosing the larger number. The useful question is not which token has the smallest unit price, but what the units represent and how credible the underlying measurements are.
Sources & further reading
Sources checked 7 October 2026. Source-linked explanatory content; not personalised investment advice. Found an error? Request a correction.
