Actually, everyone understands that the PFP/membership setup is often just "attention leasing." When it's hot, you can interpret anything as a brand; when it's cold, no matter how good the avatar looks, it can't save the floor price. These days, I've been staring at on-chain transfers until my eyes hurt: some projects just start memberships with a bunch of small, scattered deposits, and the next day, they transfer the whole batch to exchanges, like smelling smoke... Honestly, it feels more like they're pumping data, not building together. Recently, someone also linked ETF capital flows with US stock risk appetite to interpret crypto price movements, and all I could do was laugh: emotions are contagious, but the value of memberships depends on "what else can you do if you stay." Anyway, when I look at PFPs now, I focus on the record of permissions being fulfilled and where the money is coming from/going to, rather than just how smooth the story sounds.