Fully diluted valuation (FDV)
Price multiplied by maximum (or total) supply — the market cap if every unit that will ever exist were circulating.
A market cap far below FDV means most of the supply has not been released. Those units will reach the market through unlocks and emissions, and holders of the current float will be diluted. The ratio of market cap to FDV is a quick gauge of that overhang: above 0.8 is mostly diluted, below 0.2 means most of the supply is still to come.