Is high or low circulating supply good?

In the realm of cryptocurrency investing, the question of whether a high or low circulating supply is advantageous often arises. As a keen observer of the market, I find myself pondering: does a high circulating supply indicate a coin's widespread adoption and liquidity, making it easier to buy and sell? Or does a low circulating supply point to scarcity, potentially driving up the value due to demand exceeding supply? The answer seems to hinge on several factors, including the coin's overall popularity, its use case, and investor sentiment. With this in mind, I seek to understand the nuances of how circulating supply affects a coin's performance and whether there's a clear-cut answer to this often-debated topic.