Vitalik Buterin was gifted a large amount of tokens and he wound up burning most of them saying he didn't want that much power. It was worth something like a billion at the time. Whereas if he sold them on the market, the price would have been crushed and it wouldn't be what it's doing now. The shiba contract also burns a % of the supply in a way I'm not sure of. Other things could be happening as well that I'm unaware of but the supply isn't as big as it appears to be and demand is really high for whatever reason. Liquidity is probably low as well which makes the price go up even harder. And it's important to note that a large supply doesn't mean the price of a token won't appreciate a lot. Hex is up 350,000% even after a 60% dump and the supply inflates 3.69% a year now. It was hyper inflationary during year 1 and that's when it went up the most. Eth inflation is even higher than hex with no cap on the supply. Also, bitcoin inflated at a higher rate as well until the recent halving so big inflation and large supply isn't a bad thing.