I look at whether the project team is actually working seriously. The first thing I check isn’t the PPT—I first look at how the treasury funds are spent, and whether, after the spending, there are milestones that line up. This isn’t to say they must always cut costs; it’s that the spending pace should feel like engineering work: hard expenses such as development, security audits, nodes, or infrastructure should stay at a stable proportion. Payroll and marketing can exist too—but during critical periods, don’t leave only “pulling in the community, holding events, and running ad campaigns,” those kinds of soft items.

To put it simply: for every big chunk of money that goes out, within three months can you see verifiable things—such as a launch, fixes, data, or governance progress? If you can’t, treat it as “volatility has increased” and don’t set overly high implicit expectations. Recently, memes and celebrity spot-calling have kicked off yet another round of attention rotation. To be blunt, it’s basically whoever has the loudest voice who wins. Seasoned players advising newcomers not to take the last step I think is pretty right... I’m not immune to impulses either, but once I see the treasury’s spending getting chaotic, I start to worry: this isn’t building—it’s burning. In any case, I’d rather miss the hype than end up being the one who pays the bill at someone else’s victory celebration.