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Yesterday, the group was again sharing images like "a certain stablecoin is about to depeg" or "reserve audits have shady dealings," full of emotion, but honestly, I now prefer to watch how project teams spend their treasury: whether they start throwing money at PR firms, KOLs, and logo redesigns as soon as something goes wrong, or whether they honestly spend the money where it should be spent.
Milestones shouldn't just be judged by PPT slides; look at their version releases, bug fixes, documentation updates, whether on-chain contracts are iterated according to plan, and whether the money spent correlates with progress.
If the treasury's expenses are mostly "consulting fees/market collaborations," and the milestones are always "about to go live," then I just assume they're dreaming seriously...
Anyway, as a long-term dog, I only trust slow delivery, not sudden narrative explosions.