FDV estimates value if max or total supply were circulating at today's price (price times total or max supply).
High FDV with low float can mean large future unlock overhang. Compare FDV to market cap and unlock calendars.
In research workflows, Fully diluted valuation is usually interpreted with Market capitalization, Token unlock, and Tokenomics rather than as a standalone signal. Compare circulating float, unlock overhang, and where size can actually trade before trusting a breakout headline.