Glossary

Circulating supply

Circulating supply is the number of tokens that are available to trade on the market today.

Circulating supply is the number of tokens that the public can hold and trade today. Data providers calculate it from the total supply. They subtract tokens that are locked, unvested, burned or held in reserve wallets that cannot be sold yet.

The definition is not fully standard. Each data provider decides which wallets count as locked. Two sources can show different circulating supply for the same token. Always check the source and the update time before you use the figure.

Circulating supply changes over time. Token unlocks, new emissions and burns all move the number. Market capitalization is the price multiplied by the circulating supply, so a change in supply changes the market capitalization even when the price stays flat. Compare it with fully diluted valuation to see how much supply is still to come.