# Circulating Supply

*Crypto & Digital Assets — Finicade finance glossary*

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.

**Also known as:** fully diluted valuation, FDV

**Related terms:** [Tokenomics](https://finicade.com/glossary/tokenomics), [Dilution](https://finicade.com/glossary/dilution), [Market Capitalization](https://finicade.com/glossary/market-capitalization), [Airdrop](https://finicade.com/glossary/airdrop), [Halving](https://finicade.com/glossary/halving)

Source: https://finicade.com/glossary/circulating-supply