Actually, everyone understands that whether the project team is actually working or not, just looking at Twitter announcements of milestones isn't very useful. Recently, I've been more interested in how the treasury spends money: for example, making a few small payments each month to the same addresses (development/auditing/operations), with a steady rhythm, which is more like serious work than a one-time large "ecosystem incentive." And don't listen to what they say about milestones—look for evidence on the chain—whether the contract has a new version, permissions have been tightened, or if the multisig signers have changed.

These days, some people interpret large on-chain transfers and unusual activity in exchange hot and cold wallets as "smart money"... I’ll just take a screenshot and save it, but I care more about whether actual expenses/deliverables follow afterward. To put it simply, money moving doesn’t mean the story is true; how the money lands in specific people or specific tasks is the real clue. That’s all for now.