Tokenomics
A token's economics: supply, distribution, vesting, inflation.
Tokenomics describes how many tokens exist, who holds them, when new ones hit the market, and what destroys them. Key questions: max supply? How much circulates today? What % do founders/VCs hold and when does vesting unlock? What rewards does the protocol pay (inflation)? Are there burn mechanisms (deflation)? Weak tokenomics = constant supply pressure = price drops even with a good product.
In plain words
Everything about a specific token's economics: how many exist, how many circulate today, how much founders and funds hold, when their tokens unlock (and hit the market), whether the project burns tokens or emits new ones. Weak tokenomics = constant sell pressure = price drops even with a good product. Check coingecko.com before buying.
Example
Aptos: 51% of supply held by team and funds, 4-year vesting = constant supply pressure, price -85% from ATH.