Actually, everyone understands that whether the project team is genuinely working hard or not can’t be judged by long Twitter posts; it’s more honest to look at how the treasury spends money. I usually focus on two things: whether expenses are tied to milestones (for example, releasing funds only after delivery), and whether the money is spent on development/auditing/operations—things that leave something behind—or if half of it goes into marketing, KOLs, airdrops, and data manipulation... In other words, the latter is just buying hype to prolong life.

Recently, hardware wallets are out of stock, phishing links are everywhere, and if the project is still doing flashy activities at this time, even basic security and permission management are vague, I automatically assume their treasury is probably a mess too. Anyway, when I see “funds are transparent but details aren’t provided” or “milestones are delayed but budgets are still being drawn,” I just cut them off. Let the followers drop if they want.