Circulating Supply

Circulating supply is the number of coins or tokens currently available and tradable in public hands, excluding amounts that are locked, held in reserve by the project, or verifiably burned. It is the figure combined with price to calculate market capitalisation, so an asset with a small circulating supply can look modest even when its fully diluted valuation is far larger. Allocations for teams, early investors or ecosystem funds usually unlock on a vesting schedule, gradually increasing the circulating float over time. Because there is no single enforced standard, data providers may publish slightly different numbers for the same asset, so it is worth checking how a source defines and verifies what it counts as circulating.