Fully Diluted Valuation (FDV) is a financial metric used to gauge the total potential market capitalization of a cryptocurrency if all coins or tokens were to be issued. It is calculated by multiplying the max supply of tokens by the current price per token. For example, if a token is priced at $2 and its max supply is 1 billion tokens, its FDV would be $2 billion—even if only 100 million tokens are currently circulating.