What type of metrics or indicators do you use to find projects to invest in?

I know a lot of people pick tokens based on sentiment or pure speculation (e.g. meme coins) but what are some actual metrics or indicators of a good project to look for when trying to evaluate a token?

I personally look at tokenomics, like how value will be accrued or distributed to token holders, token emissions / supply and allocation of tokens.

I’ve also been paying attention to fees generated and active users over time to try and identify good opportunities.

Curious to hear what others value or look at when making investing decisions?