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Market cap and FDV
Market cap multiplies the price by the coins that are already trading. Fully diluted value multiplies the price by every coin that could exist. The second number is often much larger, and easier to hide.
The two numbers
A low circulating supply makes the market cap look small and the room to unlock look large. FDV asks: if everything that can be issued were issued at today's price, what would that be.
What each hides
Market cap hides the future supply. FDV pretends today's price would survive that supply, which it may not. Neither number is a valuation a business earned.
If the gap between them is huge, someone is waiting to be paid in coins.
Check yourself
Does a small market cap mean a cheap coin?
Not if most of the supply is still locked and will unlock.
After this you can compare circulating supply with the full supply before you call something cheap.