- HYPE’s 2.4 times FDV rise was driven by tight supply, while STRK’s 91% drop resulted from a massive 298% circulating supply increase.
- ONDO’s over 3.7 FDV growth was led by a 273% price surge, but its 2025 cliff unlock of 61.4% supply may impact future valuations.
- DYM and W saw FDV drop over 92% as large unlocks flooded supply, proving demand must outpace supply for sustained token growth.
According to Tokenomist, the Fully Diluted Valuation (FDV) of some tokens in 2024 has been intriguing since launch. Some tokens surged, while others had sharp declines as supply and demand dynamics changed.
Hyperliquid (HYPE), Ondo (ONDO), and Celestia (TIA) recorded notable growth, while Dymension (DYM), Wormhole (W), and StarkNet (STRK) had substantial drops. FDV shows how supply unlocks and demand drive token valuations in the crypto market.
Top Performers
Hyperliquid (HYPE) led with a 2.4 times FDV increase, rising from $6.5 billion to $15.9 billion. The token’s price increased by 145%, while its market cap surged by 120%. Circulating supply remained tightly controlled.
It dropped slightly from 370 million to 333 million. This supply constraint led to demand, driving FDV growth. However, an 11.88% supply unlock, worth $662 million, is expected within the next year, testing market absorption.
Ondo (ONDO) had an even steeper rise, with FDV increasing 3.7 times from $2.2 billion to $8.2 billion. Its price surged by 273%, while market cap increased by 728%. Circulating supply rose from 1.43 billion to 3.17 billion, up by 122%, with a major supply unlock set for early 2025. 61.40% of the circulating supply, worth $1.7 billion, will unlock in a cliff event, potentially impacting future valuations.
Celestia (TIA) also showed solid growth, with FDV climbing by 70% from $2.3 billion to $3.9 billion. Price increased over 52%, and market cap rose by 206%. Supply expanded from 267 million to 537 million, a 101% rise. A steady linear unlock will release 50.09% of the circulating supply, valued at $979.5 million, over the next year.
Biggest Decliners
Dymension (DYM) had a sharp decline, with FDV dropping 92% from $4.7 billion to $364 million. The token’s price dipped by 92%, while market cap fell 86%. Circulating supply grew from 146 million to 258 million, a 77% increase. A linear unlock of 83.42% of circulating supply, worth $80.87 million, could further impact liquidity and price action.
Wormhole (W) followed a similar movement, with FDV dropping 92% from $13.3 billion to $1.1 billion. Price dropped over 92%, while market cap fell by 87%. Circulating supply increased from 1.8 billion to 2.9 billion, up 61%. An upcoming emission event will introduce a 69.86% supply increase, including a 1.39 billion cliff unlock and 651.56 million linear unlock.
StarkNet (STRK) also saw substantial losses, with FDV down by 91% from $19 billion to $1.67 billion. The token’s price declined over 92%, while market cap dropped by 66%. Circulating supply expanded from 721 million to 2.87 billion, a 298% increase. A cliff unlock event will release 55.55% of supply, worth $263.43 million, in a single drop.
Supply vs. Demand Determines FDV
Unlock speed is important in FDV performance. Hyperliquid (HYPE) maintained a tight supply, leading to its 2.4 times FDV growth, while massive unlocks, like XAI’s 568% supply jump, crushed valuations.
Price also influences FDV. Ondo (ONDO) had a 273% price surge and a 728% market cap jump, boosting FDV, while Dymension (DYM) saw both price and market cap dip, driving FDV down 92%. Ultimately, FDV thrives when demand outpaces supply, as seen with HYPE, and collapses when oversupply dominates, as observed with STRK.
