Fully Diluted Valuation (FDV) is the total market capitalization of a cryptocurrency or token if every coin or token in its maximum supply were in circulation at the current price. It provides a more complete picture of a project's valuation compared to market cap based on circulating supply alone.
Example
“The token's market cap was $500 million based on circulating supply, but its fully diluted valuation was $5 billion because only 10% of the total token supply had been released so far.”