It doesn't matter to me unless the project has been out for years and the circulating supply is not increasing, this is when to be very suspicious about the project, a new project will have a small circulating supply at first, and as time goes by the circulating supply will increase.
such thing usually already being shown in tokenomics, when the vested unlocked, how much circulating supplies will increase, could also be used to judge whether a project is having abnormal allocation, but the most important thing is that the project has quality.