Circulating Supply vs Total Supply vs Max Supply

Circulating supply vs total supply vs max supply, explained with one worked example: what each counts, why data sites disagree and which number to use when.

Every token page shows at least three supply figures, and they can differ by a factor of five or more. Use the wrong one and a token can look several times cheaper, or more expensive, than it really is. This guide defines each number, runs all three through one hypothetical token, and ends with a table of which figure answers which question.

What do circulating, total and max supply mean?

CoinMarketCap’s methodology gives clear definitions of all three.

• Circulating supply is “the best approximation of the number of assets that are circulating in the market and in the general public’s hands.” It leaves out tokens that are locked, allocated to insiders or not sellable on the public market.
• Total supply is “the total amount of coins in existence right now, minus any coins that have been verifiably burned,” also called minted or issued supply.
• Max supply is “the best approximation of the maximum amount of coins that will exist in the forthcoming lifespan of the cryptocurrency, minus any coins that have been verifiably burned.”

The three always sit in the same order: circulating ≤ total ≤ max. The gaps between them are where future supply comes from. The gap between circulating and total is mostly locked or vesting tokens, explained in our pillar guide to token vesting. The gap between total and max is tokens not yet minted, which usually arrive through emissions or rewards.

Worked example: one token, three supply numbers

Token Z is hypothetical. Its contract caps supply at 1,000,000,000 tokens. So far 600,000,000 have been minted, and 420,000,000 of those sit in team, investor and treasury vesting contracts. The price is a hypothetical $0.50.

1. Circulating supply. For smart contract tokens, CoinGecko’s methodology deducts locked tokens from total supply: 600,000,000 − 420,000,000 = 180,000,000.
2. Market cap = price × circulating supply = $0.50 × 180,000,000 = $90,000,000.
3. Fully diluted valuation using max supply = $0.50 × 1,000,000,000 = $500,000,000.
4. Fully diluted valuation using total supply = $0.50 × 600,000,000 = $300,000,000.

Only 18% of Token Z’s eventual supply trades today. The rest is either locked (42%) or not yet created (40%), and the max-supply valuation is about 5.6 times the market cap.

Now look at it from a holder’s side. If you own 100,000 Token Z, you hold 100,000 ÷ 180,000,000 = 0.0556% of today’s circulating supply, but only 100,000 ÷ 1,000,000,000 = 0.01% of the max supply. If every token eventually circulates and you add none, your share shrinks by 1 − (180 ÷ 1,000) = 82%.

The same math applies to price. At an unchanged market cap of $90,000,000, full dilution would imply $90,000,000 ÷ 1,000,000,000 = $0.09 per token, 82% below today’s hypothetical price. Demand can change that outcome; the supply math cannot.

Why do data sites show different numbers?

Check the same token on two data sites and the supply figures often disagree. There are three main reasons.

Different circulating supply rules. CoinMarketCap excludes team, foundation, treasury, escrow and private-sale holdings even when they are technically unlocked, treating circulating supply like a stock’s public float. CoinGecko deducts locked tokens from total supply and says its supply data comes from token teams and is verified by its own staff. A token whose team holds unlocked but unsold tokens can therefore show two different circulating supplies.

Different FDV formulas. CoinMarketCap calculates fully diluted valuation as max supply × price, while CoinGecko’s FDV guide uses total supply × price. For Token Z, that is the difference between $500,000,000 and $300,000,000. Our guide to FDV vs market cap explains how to read both.

Burns and timing. In CoinMarketCap’s definitions, both total and max supply subtract verifiably burned coins. If Token Z burned 10,000,000 circulating tokens, its total supply would fall to 590,000,000, its max supply to 990,000,000 and its circulating supply to 170,000,000. Sites that update at different times can briefly disagree. Token burns explained covers what burns do and don’t change.

What if a token has no max supply?

Some assets have a hard cap. Bitcoin’s FAQ states that “only 21 million bitcoins will ever be created,” with new issuance halving over time until it stops. Many other tokens have no cap at all, or a cap far above today’s supply.

Without a max supply, a max-supply valuation has nothing to multiply, and the useful question becomes how fast supply grows. Uncapped does not automatically mean more dilution. Over 10 years, 1% annual issuance grows supply by 1.01¹⁰ − 1 = 10.5%, so a holder who adds nothing sees their share fall by about 9.5%. A capped token with 80% of its supply still to unlock would cut that holder’s share by 80% once fully unlocked. Token inflation and emissions shows how to measure issuance rates.

Which supply number should you use?

A simple rule: quote market cap for today, fully diluted valuation for the future, and always note which supply figure and which source you used.

Common mistakes with supply numbers

• Comparing mismatched figures, such as one token’s market cap against another token’s fully diluted valuation.
• Mixing sources. A circulating supply from one site and a price or FDV from another can produce a number neither site would show.
• Reading a low price as cheap. Price means little without supply, as market cap vs price explains.
• Assuming a cap can never change. If a contract gives an admin the power to mint, the max supply is only as firm as that admin’s restraint.

When you measure your own results with our ROI and CAGR calculator or the crypto ROI formula, remember that supply growth is one of the forces acting on the price per token.

The bottom line

Circulating supply tells you what trades now, total supply what exists, and max supply what could ever exist. The gaps between them are future supply, so read all three together, compare tokens using a single source, and check which supply a site uses before trusting its fully diluted valuation.

This content is for education only and is not financial, investment, tax or legal advice. Crypto assets are volatile and you can lose money. Examples use hypothetical numbers. See our disclaimer and editorial policy.