To see whether the project team is actually working, I first look at how the treasury spends money.

They always use funds for "market cooperation" and "KOL promotion" in big buckets, and the milestones are always "ecological construction in progress," which basically means they treat you as liquidity.
Those who are truly serious about their work will have expenses aligned with milestones: audits, developer subsidies, bug bounties, infrastructure costs, even if they spend slowly but can explain clearly.
There's also a small detail: whether the milestones dare to state "unfinished/delayed reasons," I automatically suspect foul play if they only report good news.
Recently, meme and celebrity shoutouts are moving too fast, newcomers shouldn't chase the hype and push for the last wave...
When my emotions peak, I withdraw.
Hard-headed as I am, I stick to my guns, but my hands are even faster.