FDV (Fully Diluted Valuation)
Price x MAX supply (as if all of it were already circulating).
FDV = current price x all tokens that will ever exist. Shows true valuation at full dilution. Many 2024 projects launched with 5-15% supply in circulation - low market cap, huge FDV (Aptos 30B FDV vs 3B market cap). As remaining tokens vest, supply pressure crushes price. Rule: if FDV/market cap > 5x - run.
In plain words
Valuation if all tokens were already circulating (not just those that are today). Often much bigger than market cap.
Example
Aptos at launch: 800M USD market cap, 25B USD FDV = 30x dilution. In 2 years price -85% despite BTC rallying.
Also known as: fully diluted valuation, fully diluted market cap