Right now, I’m looking at whether the project team is serious about their work. The first thing I don’t really look at is the white paper; I look at whether the treasury’s spending looks like “living a normal life.” For example, are the expenses mainly paying salaries, audits, and infrastructure, or are they constantly hosting events, doing collaborations, buying KOLs all-in-one... Honestly, where the money is spent, that’s where the heart is.

The same goes for milestones. Don’t just keep posting “ecological prosperity ongoing,” I prefer to see things that actually match: what bugs were fixed this month, what features went live, why users are using it, how issues are acknowledged. The team that gets things done might be a bit fragmented and verbose in updates, but they’re practical; those who don’t do anything tend to tell stories so well that you’re embarrassed to ask for details.

Recently, I react very slowly to AI Agents and automated trading. Others are shouting that the future is already here, and I’m still thinking: have they even done proper permission controls, contract audits, or not just throwing a bunch of messy authorizations at me... Anyway, as a small-position trader, when I see the treasury starting to “burn” through narratives again, I just jump on a few hot topics first, then slip away. Make some profit and run, lose some and pretend to be dead.