Seeking advice: Is circulating supply divided by maximum supply an indicator of price potential for microcap coins?

So I am looking at two coins both with a marketcap of between 5 & 10 million.

They are both deflationary in that they have a maximum supply.

However one has 3% of its max supply of coins in circulation and another has 99% of its coins in circulation.

I would imagine in the long term that the coin with 99% of its coins already in circulation has less room to move up in price, especially at such a low market cap.

However on the flipside for the coin with 3% there is more chance for a decrease in price if all the coins are dumped on the market all at once due to inflation/oversupply.

Does anyone have any thoughts on how to approach this metric as its interesting trying to find some middle ground i.e. is 45% good? 50%? 60%?

I don’t know,
over to you guys to educate me