WLD, CHEEL, STRK, and SAGA: The Lowest-Circulating Large-Cap Cryptocurrencies

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In the fast-evolving world of digital assets, understanding tokenomics is essential for informed investment decisions. A recent report by CoinGecko has spotlighted a growing trend: a significant portion of top-tier cryptocurrencies by market capitalization have remarkably low circulating supplies. Among these, Worldcoin (WLD), Cheelee (CHEEL), Starknet (STRK), and Saga (SAGA) stand out as having some of the lowest market-to-FDV ratios—raising questions about long-term value, supply dynamics, and investor risk.

Understanding Market Cap vs. FDV

Before diving into specific projects, it's crucial to clarify two key metrics: market capitalization and fully diluted valuation (FDV).

The ratio between market cap and FDV reveals how much of a cryptocurrency’s total supply is already in circulation. A low ratio—typically below 0.5—indicates that most tokens are still locked, often held by teams, investors, or reserved for future ecosystem incentives.

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According to CoinGecko’s latest analysis, 21.3% of the top 300 cryptocurrencies by market cap exhibit this low-circulation pattern. That means more than 1 in every 5 major crypto assets has less than half of its total supply available on the open market. This concentration of future supply can create volatility risks when large volumes eventually unlock.

Spotlight on the Four Lowest-Circulating Cryptos

All four of the highlighted projects—WLD, CHEEL, STRK, and SAGA—were launched in 2023 or 2024, placing them among the newer entrants in the blockchain space. Their ultra-low circulation reflects strategic token release schedules designed to incentivize long-term network growth.

Worldcoin (WLD) – Market-to-FDV Ratio: 0.02

Worldcoin, developed by Tools for Humanity, aims to verify unique human identity on a global scale using biometric data (via iris scans) and blockchain technology. Its native token, WLD, plays a central role in governance and rewards for participation.

Despite strong backing and widespread attention, WLD’s market-to-FDV ratio sits at just 0.02, meaning only 2% of its total supply is currently circulating. The vast majority of tokens are locked to reward future contributors and maintain decentralized control over time.

This extremely slow release schedule helps prevent early dumping but also means investors must wait years to see true supply equilibrium.

Cheelee (CHEEL) – Market-to-FDV Ratio: 0.06

Cheelee positions itself as a "social finance" platform where users earn cryptocurrency by consuming short-form video content—similar to early models like ByteHero or StepN. Users engage with clips, and engagement translates into CHEEL rewards.

Launched in 2023, Cheelee quickly gained traction due to its viral mechanics and influencer partnerships. However, its current market-to-FDV ratio of 0.06 suggests that only 6% of total tokens are in circulation.

While this supports price stability in the short term, it raises concerns about centralization and potential inflation when future token unlocks occur—especially if user growth doesn’t keep pace.

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Starknet (STRK) – Market-to-FDV Ratio: 0.07

Starknet is a Layer-2 scaling solution built on Ethereum using zero-knowledge rollup (zk-Rollup) technology. It enables high-throughput, low-cost transactions while maintaining Ethereum’s security guarantees.

The STRK token serves dual purposes: securing the network through staking and enabling decentralized governance. With a market-to-FDV ratio of 0.07, only 7% of STRK is currently circulating.

This conservative release model aligns with Starknet’s focus on sustainable ecosystem development. Most tokens are allocated to community incentives, developer grants, and long-term contributors—ensuring that economic power gradually shifts away from insiders.

Still, investors should monitor upcoming unlock schedules closely, as large inflows could pressure prices if demand doesn’t scale accordingly.

Saga (SAGA) – Market-to-FDV Ratio: 0.09

Saga is a modular blockchain platform focused on gaming and appchain infrastructure. It allows developers to launch customized blockchains tailored to specific applications—particularly games—without managing complex backend systems.

With a market-to-FDV ratio of 0.09, Saga joins the ranks of cryptos with minimal circulating supply. The project emphasizes gradual decentralization, with tokens released over several years to fund ecosystem expansion and validator participation.

Given the competitive landscape of blockchain gaming, Saga’s success will depend not only on technical execution but also on achieving product-market fit before major token unlocks flood the market.

Why Low Circulation Matters

Low-circulating supply isn’t inherently good or bad—it depends on context. Here’s why it matters:

However, transparency around unlock schedules and clear utility for future tokens are critical for maintaining trust.

Frequently Asked Questions (FAQ)

Q: What does a low market-to-FDV ratio mean for investors?
A: It indicates that most tokens haven’t been released yet. While this can limit short-term sell pressure, it introduces future risk when large volumes unlock.

Q: Are low-circulation cryptos riskier investments?
A: They can be, especially if unlock schedules aren’t transparent or if ecosystem growth lags behind token issuance. Always research vesting timelines before investing.

Q: How can I check when tokens will unlock?
A: Use blockchain analytics platforms like TokenUnlocks.app, CoinGecko’s unlock tracker, or project whitepapers to review vesting schedules.

Q: Is a low FDV always better?
A: Not necessarily. A low FDV might suggest undervaluation—but it could also signal lack of adoption or excessive future inflation.

Q: Can a project manipulate its market cap with low circulation?
A: Yes. Artificially low supply can inflate price and create misleading impressions of value. Always assess both market cap and FDV together.

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Final Thoughts

The rise of low-circulating large-cap cryptocurrencies reflects a shift toward more strategic, long-term tokenomics. Projects like WLD, CHEEL, STRK, and SAGA are betting on gradual decentralization and sustained ecosystem growth rather than immediate liquidity.

For investors, these assets offer high potential—but come with elevated risk due to concentrated future supply. Staying informed about unlock timelines, usage metrics, and community momentum is key to navigating this new phase of crypto evolution.

As the market matures, transparency and responsible token design will separate sustainable projects from speculative flash-in-the-pans. Whether you're exploring identity protocols, social finance apps, scaling solutions, or gaming infrastructures, always look beyond surface-level valuations.

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