Circulating Supply refers to the number of coins or tokens of a specific cryptocurrency that are publicly available to buy or sell. If you can trade them, they are considered circulating. Circulating supply shouldn't be confused with Total Supply or Max Supply. This metric is crucial for calculating a cryptocurrency's market capitalization and helps investors assess the tokenomics and potential dilution risk of a project.
Example
“With only 60% of its total supply currently circulating, investors were concerned about future token unlocks diluting the price.”