Use the supply that matches the question

Circulating supply concerns tokens available in the market. Total supply and maximum supply describe different boundaries. A reported maximum may be missing, and some assets do not have a fixed maximum. The calculator treats a blank maximum as unknown; it does not substitute total supply or return a zero FDV.

Market cap = price × circulating supply
Scenario price = scenario market cap / scenario circulating supply
Fully diluted valuation = price × entered maximum supply

A supply change can change the answer

In the hypothetical example, a token costs $2 and has 1,000,000 circulating units. Its calculated cap is $2,000,000. A $5,000,000 scenario cap would correspond to $5 at the same supply, or $4 if the scenario supply rises to 1,250,000. The latter is a 100% price increase with 25% supply growth. At a maximum of 2,000,000 tokens, current FDV is $4,000,000 and scenario FDV is $8,000,000.

Valuation is not cash invested

Multiplying a marginal price by all circulating units does not measure the cash needed to buy them. Trading depth, available sellers and price changes during a purchase are outside this arithmetic. A provider's independently reported cap can also differ from a price-times-supply result because the readings or methods differ.

Use the market cap calculator for explicit supply assumptions, and the [market directory](/markets) for stored asset research. Source timestamps and unknown supply fields should remain visible; a hypothetical target is your input.

Supply from an entered unlock schedule

The market-cap calculator also accepts dated additions to circulating supply. Enter the date of your current supply assumption, a scenario date and each later unlock amount. It adds only releases on or before the scenario date; later rows remain visible but excluded. It does not interpolate vesting or fetch a provider calendar.

With 1,000,000 current tokens and an entered 250,000-token addition by the scenario date, a $5,000,000 market cap implies $4 per token. This assumes those additions enter circulating supply. An unlock is not automatically a sale, a cash inflow or a quantified price impact. A supplied maximum must still cover the modeled supply.