Apart from real use case do coins and tokens max supply counts as well? for example lets look at doge coin,its max supply is 280 billion and the circulating supply is 120billion which is presently trading at 0.0026$ what would have happened if its max supply is in millions ?
i think some coins have way to much max supply which actually affects the coin or token performance as well,coins with low supply will always have better value than having gigantic supply.
IMHO! I think your right, Huge circulation can affect the price of the coin/token compare to some millions only.Specially when the platform has no established use case to create demand. While comparing Dogecoin we all know that this coin was almost 5 years old already and because of that many cryptocurrency enthusiast or holders/investors are often using it.