Trading Notes | Circulating Supply and Total Supply
① Different data websites may use different methods to calculate “circulating supply,” so the figures for the same coin may vary across websites.
② Total supply generally refers to all tokens that have been issued, minus those that have been burned; it includes tokens that are still locked.
③ When comparing the valuations of two coins, first check whether you’re comparing market caps based on circulating supply or FDV. Different metrics can lead to very different conclusions.
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