I think the general circulation greatly affects the future price of the token in the project.Personally, a large number of tokens scares me off.For me it does not look promising more like the developers are trying to attract as many new users as possible due to the cheap price.
Supply is one of the most important aspects when choosing a token to invest. A high supply will make this token unlikely to achieve adoption (as other investors will not show interest for it) and superior price levels, due to the continuous set of tokens being put for sale on the market. The same is valid when there are high interest rates being offered over the token.
However, there is a powerful mechanism that must be noticed, which can potentially make a high circulating supply still worthful, that is the burning thing. If the burning rates (number of tokens which are destroyed from times to times, consequently decreasing supply) are decent, it's possible this token is still a good idea on long term.
Analyze each case separately. Identify every features presented to reach the best conclusion for yourself.