Circulating Supply
The number of coins actually available and trading in the market, excluding locked, reserved, or unreleased tokens.
Circulating supply is the count of tokens out in the wild, free to be bought and sold. It leaves out coins locked in team vesting or unreleased future emissions. This is the figure that drives market cap, which trackers calculate as price times circulating supply.
The number can mislead. A token might show a tiny circulating supply at launch, making its market cap look modest, while most of the supply waits in locked allocations set to flood the market later. That gap — between circulating supply and total supply — is where a lot of value quietly leaks. Always check how much is still to come.
Related terms
Every token that currently exists, including locked and reserved coins but excluding any that have been burned.
Max SupplyThe hard ceiling on how many units of a coin can ever exist, fixed by the protocol's rules.
Market CapThe total value of a coin's circulating supply, found by multiplying its price by the coins in circulation.
TokenomicsThe economic design of a token — its supply, distribution, and incentives — that shapes whether it can hold value.