In 2024, the cryptocurrency market has experienced sharp swings in the worth of its tokens, especially when it comes to their Fully Diluted Valuation (FDV). FDV is understood as the total notional market cap of a token, assuming the absolute maximum supply is in play—meaning all of the tokens released to the public are now, or will shortly be, circulating. Furthermore, looking at how the FDV of a token has changed from when it was first launched to the present moment offers some solid insights into crypto market dynamics. This is exactly what this article will do—we will look at several tokens that debuted in 2024, January to now, on the performance spectrum, some swinging well upwards and others sinking downward. High Flyers: Tokens with Strong Demand and Tight Supply Some tokens have defied the odds, experiencing big increases in FDV. These tokens show how huge demand coupled with a limited supply can propel FDV to new heights. 1. Hyperliquid ($HYPE) – Launch FDV: $6.5B → Current FDV: $15.9B (+2.4x) – Price Change: +145% | Market Cap Change: +120% – Supply Dynamics: In converting demand to growth in FDV, Hyperliquid has managed to control very tightly its circulating supply. It has dropped from 370 million to 333 million circulating tokens only very recently, and in fact, if we might call it that, expect a Maiden Voyage drop into this tokenomics space to happen over the next 1 year. – Future Emissions: 11.88% of the circulating supply, valued at $662 million USD at the last check, will unlock over the next year. 2. Ondo ($ONDO) – Launch FDV: $2.2B → Current FDV: $8.2B (+3.7x) – Price Change: +273% | Market Cap Change: +728% – Supply Dynamics: Ondo’s circulating supply has more than doubled, from 1.43 billion to 3.17 billion tokens due to large supply unlocks. Despite this, demand has been strong enough to propel the FDV up 3.7 times, showcasing how the market has absorbed the additional supply. – Future Emissions: 61.4% of the circulating supply, worth $1.7 billion, will unlock in a cliff event over the next year, which could impact price stability. 3. Celestia ($TIA) – Initial FDV: $2.3B → Current FDV: $3.9B (+70%) – Price Change: +52% | Market Cap Change: +206% – Supply Dynamics: The supply of Celestia has increased steadily, with controlled releases and consistent demand that have driven growth in the fair value to decentralize. The supply grew from 267 million tokens to 537 million tokens over time. This unlocks gradually and steadily, which seems like a ‘slow-release’ supply. But we don’t see any sign so far of it being a supply problem (with price). So actually, the release and the price seem okay. – Price Outlook: Over the next year, a little more than half of the currently circulating tokens will unlock in a linear fashion. That could be a problem for the price of Celestia. But will it be? Who knows? The Plungers: When Supply Exceeds Demand In contrast to the performance of some tokens, others have witnessed their Fully Diluted Valuation (FDV) suffer due to an oversupply that has outstripped demand. These tokens demonstrate the dangers of overissuance and the difficulty of maintaining post-hype market interest. 4. Dymension ($DYM) – Launch FDV: $4.7B → Current FDV: $364M (-92%) – Price Change: -92% | Market Cap Change: -86% – Supply Dynamics: Dymension’s circulating supply increased rapidly, from 146 million to 258 million tokens. This excessive unlock of tokens has crushed demand, leading to a dramatic 92% drop in price and a corresponding 86% fall in market cap. – Future Emissions: Dymension faces a significant linear unlock of 83.42% of the circulating supply over the next year, which could further pressure its price. 5. Wormhole ($W) – Launch FDV: $13.3B → Current FDV: $1.1B (-92%) – Price Change: -92% | Market Cap Change: -87% – Supply Dynamics: Wormhole’s circulating supply grew by 61%, from 1.8 billion to 2.9 billion tokens. Despite initial hype, the oversupply led to a sharp 92% drop in price and a massive 87% reduction in market cap. – Future Emissions: A significant 69.86% increase in supply is expected to occur in a combination of cliff and linear unlocks, potentially impacting market liquidity. 6. StarkNet ($STRK) – Launch FDV: $19B → Current FDV: $1.67B (-91%) – Price Change: -92% | Market Cap Change: -66% – Supply Dynamics: StarkNet’s supply grew by a staggering 298%, from 721 million to 2.87 billion tokens. Despite initial excitement, the overwhelming supply eventually caused a 92% price drop and a 66% reduction in market cap. – Future Emissions: A major cliff unlock of 55.55% of StarkNet’s supply, worth $263.43 million, will likely add to market pressure. The Middle Ground: Tokens with Moderate Declines Some tokens have seen controlled supply growth, but the demand has not yet met the initial FDV. We see moderate declines. XAI ($XAI) – Launch FDV: $1.5B; Current FDV: $170M (-89%) – Price Change: -90%; Market Cap Change: -33% – Supply Dynamics: The dramatic 568% increase in circulating supply was the major factor causing a 90% price drop for XAI. This supply increase resulted from too many tokens being sent to the market at once. – Future Emission: A 45.95% increase in supply, valued at $34.33 million, could put more selling pressure on the token, leading to more price declines. 8. Pyth Network ($PYTH) – Launch FDV: $2.8B → Current FDV: $1.6B (-43%) – Price Change: -43% | Market Cap Change: +37% – Supply Dynamics: Pyth’s supply grew by 140%, from 1.5 billion to 3.6 billion tokens. Despite price depreciation, the market cap has slightly increased due to stabilization in demand. – Future Emissions: We’re expecting 58.62% of the supply (valued at $357.66 million) to be unlocked very soon. 9. ZetaChain ($ZETA) – Launch FDV: $3.46B → Current FDV: $604M (-83%) – Price Change: -83% | Market Cap Change: -45% – Supply Dynamics: The circulating supply of ZetaChain surged by 225%, from 231 million to 750 million tokens. The excessive supply increase caused an 83% drop in price, with market cap also dipping by 45%. – Future Emissions: A 79.76% increase in supply, worth $191.42 million, could cause further price volatility. How does 2024 tokens FDV look at Launch vs. Now Comparing 10 tokens FDV since their launch in 2024 FDV %Change Since Launch: $HYPE +2.4x $ONDO +3.7x $TIA +70% $DYM , $W , $STRK -92% $XAI -89% $ZETA -83% $PYTH -43% What’s driving these moves? Let’s break it down. pic.twitter.com/WSh74ikx8C — Tokenomist (prev. TokenUnlocks) (@Tokenomist_ai) March 25, 2025 Key Takeaways: What Drives FDV? These tokens teach important lessons about the forces that propel FDV growth. – Speed and Control of Unlocking: The tokens $HYPE and $ONDO have benefited from controlled supply unlocks, allowing demand to outpace issuance at the point when they were unlocked. This has led to significant increases in these projects’ fully diluted valuations (FDVs). – Price and Market Capitalization Working Together: The tokens $HYPE, $ONDO, and $TIA also have price surges that come with increases in market cap. The unison of the two trends (price and market cap) has been driving the FDV of these projects higher and higher. – Underlying Causes of Excessive Supply and Dilution: The price of a token, its market cap, and its FDV can fall if a project is simply issuing too many tokens. Some projects (e.g., $DYM, $W, and $STRK) seem to find themselves in that boat. To sum up, FDV of 2024 tokens shows us that we need to manage supply growth and ensure that demand is keeping pace with not only existing tokens but also with new tokens coming into circulation. This is a delicate balance to keep. If you are still with me at this point, it means you are truly invested in these kinds of dynamics, probably because you’re an investor yourself or you’re working for a project. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: volody10/ 123RF // Image Effects by Colorcinch
