Fully diluted valuation (FDV)

Fully diluted valuation (FDV) is a token's current price multiplied by its total supply, an estimate of what all the tokens would be worth together if every one were already in circulation. CoinGecko's glossary calls it the theoretical market capitalization of a coin if its entire supply were circulating, theoretical because releasing more supply may move the price, and because, depending on tokenomics and lock-ups, the full supply may take a long time to circulate. Market capitalization, by contrast, uses circulating supply, which CoinGecko's methodology calculates by deducting locked foundation, investor and team tokens from total supply.

As arithmetic: a token with a fixed supply of 100 billion, the figure Hamster Kombat's whitepaper gives for HMSTR, has an FDV of $1 billion at a price of $0.01, however much of it circulates. A large gap between market cap and FDV means much of the supply is still locked; it says nothing on its own about where the price will go. See token unlock and tokenomics.