What is the fair percentage of a total max supply that are in circulation that can make you invest in a project? It is fine to avoid a project that has low circulating supply? Why? What about if the project is a brand new project and the use case is killing it?
When the token circulation is large enough, then you need to have a large amount of liquidity to avoid falling prices, no one can control the price of tokens in the market, but too many tokens are not good for the price of tokens in the future. therefore tokens need to have a max supply