Solana trading glossary
Market cap vs FDV: what is the difference?
Also called: Market capitalization, Fully diluted valuation, FDV
Market cap is price times circulating supply. Fully diluted valuation (FDV) is price times total or maximum supply, including tokens not yet in circulation.
If a token has 1 billion units in total but only 200 million circulate, and the price is $0.10, its market cap is $20 million and its FDV is $100 million. The other 800 million are locked, vesting or held by a treasury, and will enter the market over time.
For most memecoins the two are the same, because the whole supply was released at launch. For tokens with team, investor or ecosystem allocations, the gap between market cap and FDV is the supply still to come.
Why it matters before you trade
A large gap means future selling pressure as tokens unlock. And neither number is money you could withdraw: both multiply the last trade price by a supply figure. What you can actually sell into is set by liquidity, which can be a tiny fraction of either.
How NAVI shows it
NAVI uses market cap in its token lists and as one input to the risk score, where smaller tokens score as riskier. When no market cap is reported for a token, NAVI falls back to the fully diluted figure from its pool data. Liquidity is shown separately in the rug check so you can compare the two.
Related terms
- Liquidity poolA pair of token reserves on a decentralized exchange that traders swap against. Its size decides how much you can buy or sell before the price moves.
- Risk scoreA single number that sums up how risky a token looks from a set of measured signals. NAVI's is a score out of 100 with Low, Medium and High levels.
- WhaleA holder large enough to move a token's price on its own. What counts as a whale depends on the token: a whale in a small memecoin may be a minnow in SOL.
Last reviewed 2026-09-25. NAVI is informational only and nothing here is financial advice.