What is Circulating Supply?

Circulating supply is the amount of a token that is actually in public hands and available to trade right now. It excludes tokens that are locked under vesting, held in reserves, or not yet issued. It is the figure used with price to calculate market cap, giving a picture of a token’s present market size.

This matters because circulating supply, compared with total and maximum supply, reveals how much future dilution is coming as locked tokens unlock.

Example: a token might have a small circulating supply at launch, with most of the total still locked; as vesting releases more, circulating supply grows and can pressure the price.

Safety note: a low circulating supply relative to total supply is a warning that large unlocks lie ahead, which can dilute holders and push prices down. Projects sometimes highlight a modest circulating market cap while downplaying a far larger fully diluted valuation. Always compare circulating supply to total and max supply, and factor vesting schedules into your expectations. Related terms include fully diluted valuation, max supply, market cap, and vesting.