Fully diluted valuation (FDV)
The implied value of all token supply at the current market price.
What it means
FDV usually equals token price multiplied by total or maximum supply. It estimates what the network would be worth if all counted supply were valued at today's price.
Why it matters
Low circulating market cap can look cheap while FDV is already large. A wide gap means future unlocks may have to be absorbed by real demand.