Market capitalization divided by the fully diluted value (FDV), in %. It shows what share of the total value of HYPE is already in circulation.

The FDV is the maximum supply of 1,000,000,000 HYPE multiplied by the daily close, so the ratio equals the circulating supply as a percentage of the maximum supply.

Market Cap / FDV = Market Cap / (1,000,000,000 × Price) × 100

A low ratio means a large part of the supply is still to enter circulation through unlocks and future emissions, which can add selling pressure over time. Changes in the ratio come from supply, not from price: it rises when tokens are unlocked or issued and falls when tokens leave circulation, for example through buybacks.

API: Market Cap / FDV · Market Cap · FDV