Circulating Supply
Also called: fully diluted valuation, FDV
Circulating supply is the tokens currently tradeable, excluding locked, vesting and reserved allocations. It's what market cap is calculated from, which is why a token can look small while its fully diluted valuation is ten times larger. Low-float launches with heavy future unlocks are a recognised pattern: the price is set by scarce supply, then met by years of programmed selling.