Distribution: who holds what
The first number that matters is the split. How much of the supply went to the team and early investors, and how much to the community and the treasury? A project where insiders hold the majority is structurally tilted toward them. That is not always fatal, but you should know it going in.
Vesting and unlocks
Tokens held by insiders are usually locked, then released on a schedule. Find the cliff and the unlock curve. A large unlock dropping into a thin market is downward pressure you can see coming months ahead. Sites that track unlock calendars exist for exactly this reason. Use them.
Emissions and sinks
How are new tokens created, and is there anything that removes them? High emissions with no real demand is just inflation wearing a yield costume. Look for whether the token does anything, fees, governance, staking that secures something real, rather than only existing to be farmed and sold.