FDV

FDV, or fully diluted valuation, values a token as if its entire supply were already circulating. It is the current price multiplied by the total or maximum supply. Market cap counts only circulating tokens, so the gap between the two shows how many tokens could still reach the market.

For projects with an unlock schedule the gap can be huge and signals future selling pressure. For a typical launchpad memecoin the whole supply exists from the start, so market cap and FDV are almost equal. The exception is a token with an active mint authority: its supply can grow at any moment, and then neither number tells the whole story. Remember too that FDV is a product, not money anyone paid in.