Market Cap vs FDV: What Is the Difference?
The two formulas
- Market cap = price per token x circulating supply.
- FDV = price per token x total (or maximum) supply.
Neither number is money in a bank. They are simple multiplications, and they only describe what a token would be worth if everyone could sell at the last traded price, which they usually cannot.
When they differ
Many projects release tokens over time through vesting schedules. Early on, circulating supply is small, so market cap looks low while FDV shows the larger future picture. A big gap can mean a lot of new tokens may arrive later, which can pressure the price.
Memecoins and pump.fun launches
Tokens launched on pump.fun typically have their full supply minted at launch with no team vesting, so market cap and FDV tend to be close. QNT started with a supply of 1,000,000,000 and has since burned some of it. Read more in what a token mint and supply are.
Why neither tells the whole story
- A tiny pool can show a huge market cap from one small trade.
- Large holders may own a big share of supply. See how to read holder distribution.
- Low liquidity means you could not sell at the quoted price.
Treat both figures as rough labels, not proof of value. Memecoins are highly speculative.
When you compare tokens, use the same method for each one. Check which supply number a site is using, whether burned tokens are excluded, and when the data was last updated. Small differences in these choices can change the headline figure a lot. For a clearer picture, look at liquidity and holder spread next to the cap, and ask whether the number could actually be sold into.
Worked examples
These numbers are invented to show the arithmetic. Token A has a price of $0.01, circulating supply of 100,000,000 and total supply of 1,000,000,000. Market cap is $1,000,000 and FDV is $10,000,000, so only 10 percent of the supply is circulating and nine times more tokens could still arrive. Token B has the same price but all 1,000,000,000 tokens already circulate. Its market cap and FDV are both $10,000,000. At first glance Token A looks ten times smaller, but a buyer should ask what happens when the locked tokens unlock. A memecoin with no vesting resembles Token B.
| Token A (locked supply) | Token B (all circulating) | |
|---|---|---|
| Market cap | $1,000,000 | $10,000,000 |
| FDV | $10,000,000 | $10,000,000 |
| Circulating share | 10% | 100% |
| Main question | When do the rest unlock, and who gets them? | Who holds the big wallets? |
What happens after burns
FDV generally uses the current total supply, excluding burned tokens. If 5 percent of 1,000,000,000 tokens are burned, the total falls to 950,000,000, so at a fixed price FDV falls 5 percent too. This is why burns do not make a number go up. Test it in the burn calculator and market cap calculator.
Common mistakes
- Comparing the market cap of one token to the FDV of another.
- Using launch supply after burns, which overstates the figure.
- Assuming market cap is the money people put in. It is a calculation based on the last trade.
- Ignoring wallets that hold locked, team or pool tokens. See How to Read Token Holder Distribution and Holder Concentration and Whale Risk.
How to check the figures yourself
- Read the current supply and decimals from the mint on an explorer. See How to Use Solscan to Check a Solana Token.
- Take the price from the pool you would actually trade in.
- Multiply, then compare with liquidity: a $10,000,000 market cap over a $50,000 pool means almost nobody could sell near the quoted price. See Liquidity Depth and Price Impact Explained.
Education only, not financial advice. The QNT memecoin is independent of Quantinuum Ltd.
Sources and further reading
- Solana docs: tokens (mint accounts, token accounts, authorities, decimals)
- Uniswap docs: how Uniswap works (constant product formula)
Facts checked 2026-10-09 against the linked pages. Education only, not financial advice. Nothing here predicts the price of any asset, and the QNT memecoin is an independent community token with no link to Quantinuum Ltd or any lab, chain or exchange named on this page.
Frequently asked questions
Is market cap or FDV bigger?
FDV is equal to or larger than market cap, because total supply is never smaller than circulating supply.
Are market cap and FDV the same for QNT?
They are close only if nearly all supply circulates. Check the live supply and burn figures, such as the current supply of 944,262,562.
Does a high market cap mean a safe token?
No. Market cap is a calculation, not a safety measure, and thin liquidity can make it misleading.
Why do chart sites show different numbers?
Sites may use different supply figures or exclude burned or locked tokens, so values can differ.
Can FDV be lower than market cap?
Not under the standard definitions, since total supply is at least circulating supply. Data sites using different supplies can show odd results.
What if supply can still be minted?
Then FDV based on the current total understates the potential. A revoked mint authority removes that risk. See What Is a Token Mint and Token Supply on Solana.
What is circulating supply?
The tokens available to trade, usually excluding locked, burned or reserved amounts. Definitions vary between sites.
Is a lower market cap easier to grow?
Not necessarily. Growth needs net buying relative to liquidity, as the milestone calculator shows.
Keep reading
- What Is Tokenomics? A Beginner's Guide
Tokenomics describes a crypto token's supply, distribution, burns and rules. Learn what to look at and which questions to ask before trusting any numbers. - What Is a Token Mint and Token Supply on Solana?
A token mint is the Solana account that defines a token and tracks its supply. Learn what mint authority, decimals and supply mean and how to check them. - How to Read a Memecoin Chart: Price, Market Cap, Liquidity and Volume
A beginner guide to reading memecoin charts: candlesticks, market cap, liquidity, volume and buy versus sell pressure. - QUANTUM (QNT) Tokenomics: Supply, Burn and Authorities
QUANTUM (QNT) tokenomics explained: launch supply, current supply, burnt amount, how the burn is calculated, and what revoked authorities mean.
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