What Does FDV Tell Us About 2024’s Top Altcoins — Winners vs. Losers

• Hyperliquid’s FDV rose 2.4x as tight supply and soaring demand drove price gains.
• Ondo surged 3.7x in FDV despite supply growth, with demand outpacing dilution risks.
• Rapid unlocks caused FDV collapses in Dymension, Wormhole, StarkNet, and XAI tokens.

A recent analysis of ten cryptocurrency tokens launched in 2024 reveals dramatic shifts in their Fully Diluted Valuations (FDV), according to data from Tokenomists. 

FDV, which represents a token’s total potential market cap based on its maximum supply, fluctuated significantly depending on supply dynamics and demand. 

High Flyers: Tight Supply and Surging Demand Boost FDV

As per Tokenomists data, Hyperliquid ($HYPE), Ondo ($ONDO), and Celestia ($TIA) outperformed the rest with notable FDV increases. 

$HYPE’s FDV soared from $6.5 billion to $15.9 billion, a 2.4x increase. This rise occurred despite a slight drop in circulating supply from 370 million to 333 million tokens, suggesting controlled supply management or token buybacks. 

The price gained 145%, while market cap rose 120%, underscoring demand strength. However, with 11.88% of supply set to unlock within a year, the market’s ability to absorb this liquidity remains crucial.

$ONDO recorded an even more striking 3.7x FDV surge to $8.2 billion. While its circulating supply more than doubled, a significant price gain indicated demand was outpacing the increased supply. 

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Celestia ($TIA) also saw a healthy 70% FDV increase to $3.9 billion, supported by steady price growth. 

Nevertheless, a significant cliff unlock in 2025, accounting for 61.40% of supply, could test future liquidity. Meanwhile, $TIA increased its FDV by 70% to $3.9 billion, supported by a steady 52% price gain and manageable unlocks.

Plungers: Supply Surges Sink FDV

Tokens like Dymension ($DYM), Wormhole ($W), StarkNet ($STRK), and XAI ($XAI) suffered massive FDV declines. $DYM’s FDV plunged 92% from $4.7 billion to $364 million, driven by a rapid 77% increase in circulating supply and collapsing demand. A similar trend emerged with $W, whose FDV dropped 92% due to large cliff and linear unlocks that flooded the market with excess tokens.

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$STRK and $XAI saw their FDVs shrink by 91% and 89%, respectively, as rapid supply growth outpaced demand. $STRK’s circulating supply surged 298%, causing prices to tank 92%. Additionally, cliff unlocks accounting for over half the supply intensified the sell pressure.