TAO: Fully Diluted Valuation
Included with Plus.
What all TAO would be worth at today's price if every coin that can ever exist were circulating: price x maximum supply.
Why use it. Market cap counts only what circulates now. Fully diluted valuation adds what is still to come from mining, unlocks, emissions or releases, so a wide gap means future supply that the price has to absorb. How to read it. The gap above Market Cap is the value of the supply not circulating yet. The line moves with the price and changes shape only when the supply it counts changes.
Calculation. Price x maximum supply. The maximum supply is 21.00 million TAO: Bittensor's protocol caps TAO at 21 million, issued on a halving schedule. Published supply, not node-verified: Bittensor public RPC (SubtensorModule.TotalIssuance) (https://docs.learnbittensor.org/), all TAO issued so far as the chain records it (none of it is on a lock-up; staked TAO counts as circulating). Read by CryptoKeyhole every hour since 9 November 2026; no earlier values are reconstructed. Hourly values use the hour's closing price; daily values the day's close, and the open day is a partial that updates every hour. Periods are UTC.