Mcap and FDV
 Image: original illustration, memecoin.wiki | |
| part of speech | nouns, abbreviations |
|---|---|
| scene | Solana trenches, crypto Twitter |
Trenches shorthand for market capitalization and fully diluted valuation, the two standard measures of a token's size.
Mcap and FDV are the standard abbreviations for a token's two size measures. Mcap (market capitalization, also written MC) is the token's current price multiplied by its circulating supply. FDV (fully diluted valuation) is the price multiplied by the maximum possible supply, including tokens that are locked, vesting, or not yet minted. In the trenches, where meme coins usually launch with their full supply circulating, the two numbers are often identical, and "mcap" serves as the universal unit of a coin's progress.
Usage
Trenches conversation is denominated in mcap rather than price, because meme coin unit prices are tiny fractions of a cent. Traders say they bought "at 50k" or that a coin "ran to 10 million," always meaning market cap in dollars. Milestones like the pump.fun graduation threshold are quoted in mcap, and calls in an alpha group typically state the mcap at entry. Round numbers act as psychological levels, and "mcap" is often the first statistic checked alongside holder count and bundled supply (see bundle).
Mechanics
For venture backed tokens, the gap between mcap and FDV matters greatly: a low float token with a huge FDV faces years of unlock driven sell pressure, and "low float, high FDV" became a term of abuse on crypto Twitter during 2024 debates about exchange listings. Meme coins position themselves against this structure: a fair launch coin with everything circulating has mcap equal to FDV, which supporters cite as honesty about valuation. Screeners such as DEX Screener display both figures, and a large divergence on a supposedly fair launched token is a red flag for hidden supply held by an insider.
History
Both measures are borrowed from equity analysis, where fully diluted share counts have long been standard. Their abbreviation into casual slang became universal on crypto Twitter during the 2021 cycle and carried into trenches culture unchanged.