Circulating Supply

Circulating supply refers to the total number of tokens or coins of a cryptocurrency that are currently available and circulating in the market. This supply can change over time as new tokens are mined or minted, or as tokens are burned (destroyed) or locked away. The circulating supply is different from the total supply, which includes all tokens ever created, and the max supply, which is the total number of tokens that can ever exist based on the protocol's rules. Circulating supply is a key metric in determining a cryptocurrency's market capitalization (market cap), calculated by multiplying the price of the token by the circulating supply. For example, if a cryptocurrency has 10 million coins in circulation and each is worth $1, the market cap would be $10 million.