Is this token's price propped up by a market cap that ignores its future supply?

How this is calculated

• Market cap is current price × circulating supply. It only prices the tokens that actually exist and can be sold today.
• Fully diluted valuation (FDV) is current price × max supply. It prices the token as if every token that will ever exist were already circulating at today's price, which is not something that will genuinely happen at a fixed price, but it is the standard way exchanges and trackers quote a token's eventual full-supply value.
• FDV / market cap ratio is the standard way to read how much of a token's eventual supply is still locked up relative to what's already circulating. A ratio near 1.0 means most of the supply is already circulating. A ratio of 3.0 means the fully diluted value is three times today's market cap, meaning roughly two-thirds of the eventual supply still has to be unlocked, minted, or vested into the market at some future point.
• Percent of supply circulating is the direct inverse view of the same number: circulating supply divided by max supply.
• A high ratio is not automatically bearish and a low ratio is not automatically safe. A high ratio on a token with a slow, multi-year vesting schedule is a very different situation than the same ratio on a token about to unlock a large tranche next month. Pair this number with the token's own actual unlock schedule before treating it as a verdict.