Circulating Supply
Circulating supply is the amount of a cryptocurrency that a data provider classifies as publicly available rather than locked, reserved, unissued, or otherwise outside active circulation.
What Circulating Supply Measures
Circulating supply is the amount of a cryptocurrency that a data provider treats as available to the public market. It excludes tokens that the provider classifies as locked, reserved, unissued, or otherwise outside active circulation.
The number is not always readable from one contract field. Trackers may combine onchain balances, burn addresses, vesting or treasury information, and project-reported data. Their methodologies and update timing can differ.
Circulating vs Total vs Maximum Supply
| Supply metric | What it describes | Main limitation |
|---|---|---|
| Circulating supply | Tokens treated as publicly available now | Depends on classification and reporting methodology |
| Total supply | Existing tokens minus tokens that have been permanently burned | Can include locked or reserved tokens |
| Maximum supply | The protocol's stated upper limit, when one exists | Some assets have no fixed maximum |
Circulating supply can rise when locked tokens vest, emissions create new tokens, or reserved balances enter the market. It can fall when tokens are permanently burned or when a data provider changes how it classifies an address.
Market Cap vs FDV
Market cap normally multiplies the current token price by circulating supply. Fully diluted valuation applies the price to a broader supply figure, usually maximum supply or total supply when no maximum is defined.
| Metric | Typical formula | Question it answers |
|---|---|---|
| Market cap | Price × circulating supply | What is the circulating portion worth at the current price? |
| FDV | Price × maximum or total supply | What would the broader supply be worth at the same price? |
A wide gap between market cap and FDV signals that a large share of the tracked supply is not circulating. It does not predict when that supply will enter the market or what the price will be when it does.
Why Trackers Show Different Supply Figures
DEX Screener documents a specific approach to its displayed figures. It calculates FDV as (total supply - burned supply) × price. When supply outside circulation has not been burned, DEX Screener may use self-reported circulating supply from Enhanced Token Info or CoinGecko to calculate market cap.
That is why market cap can equal FDV on one page but differ on another. One provider may have accepted a circulating-supply report while another is still using total supply minus burns. A stale report, incorrectly classified wallet, rebasing mechanism, bridge representation, or different burn treatment can widen the gap.
- Check which pair supplies the current price.
- Check whether the provider publishes a circulating-supply methodology or source.
- Verify burns, locked wallets, vesting contracts, and bridged supply onchain.
- Do not treat a self-reported figure as independently audited unless the provider says it is.
The guide to getting listed on DEX Screener explains how supply data affects the market cap and FDV shown on a new pair page.
Circulating supply is a measurement under a stated methodology, not a permanent fact that every tracker must calculate identically.
Sources: DEX Screener Token Listing and CoinGecko's circulating supply explainer.
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