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.

In the dynamic cryptocurrency landscape of 2024, tokens have exhibited sharp swings in their worth, particularly when considering their Fully Diluted Valuation (FDV). FDV is defined 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.

Moreover, examining how a token's FDV has changed from its launch to the present moment provides valuable insights into crypto market dynamics. This article will analyze several tokens that debuted in 2024, January to now, on the performance spectrum, some displaying strong upward swings and others encountering downward trends.

High Flyers: Tokens with Strong Demand and Tight Supply

Some tokens have defied the odds, experiencing substantial increases in FDV. These tokens demonstrate how high demand combined with 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 seen 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