Indeed, take for an example a certain p2e game last 2021 they did not manage the circulating supply of their nft coins and their token they are in the peak of their career after 3 year but then they did not expect that this 2021 they will be on the mainstream media and that incident made the project fall but it is still alive but the players decrease so bad and still they have a lot of supply.
You are right the most important is to create demand in the tokens. And sometimes it is very difficult to do this. It is simple it issue a lot of tokens but how to create demand in them. To do this it is necessary to create something useful for people that people will be glad to buy tokens and use them.