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Martin was waived by the Giants on Wednesday, Michael Eisen of the team's official site reports.
Martin was one of five running backs to make the Giants' initial 53-man roster, but he didn't last long once the team needed to clear room for linebacker Nate Stupar, who was recently let go by the Saints. The undrafted rookie will now return to the free-agent market if he passes through waivers unclaimed.
