Tokenomics covers who received what at launch, how new supply is issued, what the token is actually used for, and what forces anyone to buy it. It is the first thing to read and the most commonly skipped.
The questions that matter: what fraction is circulating-supply versus fully-diluted-valuation, what does the token-unlock calendar look like, how fast are token-emissions, and does demand come from real use or only from farming the emissions.
Example: a token at $2 with 100m circulating shows a $200m cap, but 1bn total supply means a $2bn FDV. If 400m unlock over 18 months, the market must absorb roughly 22m tokens a month, about $44m, just to hold price flat.
Related: circulating-supply, fully-diluted-valuation, token-unlock, token-emissions