What is FDV (fully diluted valuation)?

FDV (fully diluted valuation): What a token would be worth if every token that can ever exist were already in circulation.

FDV = price x maximum supply. When FDV is much higher than market cap, many tokens are still locked or unissued and will be sold into the market later, which pushes the price down. For most pump.fun meme coins the whole supply exists from day one, so FDV and market cap are the same.

Example

Price $0.01, circulating 100M, max supply 1B: market cap $1M, FDV $10M.

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What is FDV (fully diluted valuation)?

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