Token Supply
Total supply is every token that exists or can exist; circulating supply is what is tradable now.
Quick answer
Total supply is every token that exists or can exist. Circulating supply is what is tradable right now. Locked, vested, or unminted tokens are not yet circulating.
What it means
Circulating supply counts tokens people can actually trade today. Total (or max) supply also counts tokens that are locked, reserved, vesting, or not yet minted. The two can be very different.
Why it matters
Supply is half of market cap (price × circulating supply), so you can't judge a token's size from price alone. Supply also warns you about dilution: tokens waiting to unlock can add selling pressure later.
What happens if you ignore this
Ignore supply and you can badly misjudge what you're buying. A token can look tiny by price yet be huge once you multiply by a massive supply — or look small today but be set to double its circulating tokens through upcoming unlocks. Either way, the surprise usually costs the buyer.
Common mistakes
Assuming a big supply means a low price will 'easily' rise, or ignoring how much supply is still locked and waiting to circulate.
Story
Owen buys a token where only 10% of the supply is circulating, seeing a small market cap and assuming he's early.
He expects the small cap to have lots of room to grow.
Over the next weeks, locked tokens unlock and flood the market. The circulating supply keeps rising, and the new selling pressure caps every rally.
Circulating supply today isn't the whole story. Locked supply that will unlock later can dilute holders and weigh on price. Always check how much supply is still waiting.
Examples
If half the supply is locked, market cap reflects only circulating tokens.
Beginner tips
- Market cap uses circulating supply, so always find that number, not just total supply.
- A large chunk of locked supply is future dilution waiting to happen.
- Big supply does not make a token 'cheap' — only market cap tells you its size.