A token price makes sense only beside its supply. Circulating supply estimates what is currently available, while total and maximum supply describe different boundaries. The gaps between them can signal future dilution.
Start with the schedule
Identify who received tokens, when locked allocations become transferable, and whether issuance continues indefinitely. A transparent schedule does not remove selling pressure, but it makes that pressure easier to model.
Concentration changes the picture
Large balances held by insiders, foundations, treasuries, or a small number of accounts can influence governance and market liquidity. Wallet labels are imperfect, so avoid drawing conclusions from a single chart.
Supply is only half the equation
Demand, utility, liquidity, and holder behavior matter too. A falling supply does not guarantee rising value, and inflation can be sustainable when matched by productive network use.
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