I now look at whether the project team is "actually working," rather than how many milestone posters they've released. I prefer to keep an eye on how the treasury is being spent. Honestly, who the money flows to, and at what pace it's spent, basically shows their attitude on their face. When the treasury hits a bunch of new wallets and then consolidates into exchanges, or moves through mixers/bridges back and forth, I default to thinking they're preparing for a dump; conversely, seeing small monthly payments to developers/auditors/infrastructure at least feels like they're just getting by.

Recently, memes and celebrity shoutouts have started up again. Newcomers get excited and rush in, veteran players try to dissuade them but can't… But really, don’t take the last step, attention drifts faster than liquidity. Staring at on-chain transfers for too long makes my eyes sore and my neck stiff. Anyway, whenever I see the words "milestone achieved," I first check the treasury records.