Does the amount of subfolders and files inside a bucket / folder slow down min.io?

Question

I am planning a minio folder structure. The idea is to have the files inside of the 4th subfolder (5th folder), like this:

bucket

 - folder 1
   - subfolder 1
     - subfolder 2
       - subfolder 3
          - subfolder 4
            - file 1
            - file 2
            - ...
   - subfolder 1
   - ...
 - folder 1
 - ...

Is there a limit of subfolders or files per bucket / file in minio? Can it slow down, if there are to many folders? Is there a ratio between folders and files?