Look at new coins/tokens the same way you look at start-ups. 42% of start-ups fail because there's no market/use case. Just like businesses, coins/tokens have management issues. So, what can you do?

The title is self-explanatory. The chart is bottom heavy, and it is filled with failed coins/tokens. In 2021, a study by Gandal, Moore, Hamrick, Vasek (2021) titled "The rise and fall of cryptocurrency coins and tokens" found that ;

Based on data that spans more than 4 years (2018 - 2021); taking into context 725 tokens and 1082 coins. They found that;

1. 44% of publicly-traded coins were abandoned during that period.
2. 71% of abandoned coins are later resurrected, leaving 18% of coins to fail permanently.
3. Tokens experience abandonment less frequently, with only 7% abandonment and 5% permanent token abandonment at the end of the data.

This is quite similar to how start-ups in conventional businesses. You can find similar data on the ICO failure rates, which is at about 90%. If you're investing in crypto, view it as a similar investment as you would do for a start-up. Crypto is an intangible asset, so it must be viewed more than just a coin, or a token, it's your connection between your own values to what the company is promising.

So, question is- what can you check? Just like how you'd conduct a due diligence for businesses that you're gonna spend your money on;

Aside from checking the whitepaper, and the profile of the development team to know who are behind the projects; if possible;

1. Understand Market Sentiment: https://www.tradingview.com/markets/cryptocurrencies/prices-all/
   The purpose of understanding market sentiment is understand how the market is either Strongly Selling/Strongly Buying. Some folks find it better to sell when the market is Strongly Buying to fetch a good return on spot trade, but everyone does have their own strategy. I'm keeping tabs on this one just for my amusement and taking notes how the market is reaction during this turbulence period.
2. Understand The Job Done (Partial) Through GitHub (Some are outdated, be wary)
   https://www.cryptomiso.com / GitHub
   A good project goes a long way, but not all work done are made equal. It's important to have a project in the works. This is one of the possible indicators you could use to make sure the team you're hodling for are doing something relevant to their promised road-map. However, it is important to highlight that some information are outdated, and it is best to do your own desktop research and triangulate your findings. Some of the work done on GitHub are not reflected here on CryptoMiso.
3. Understand the Hypothetical Situation of (If X Coin is at Y Coin's Market Cap...)
   https://thecoinperspective.com/?c=XRP
   This is suitable to understand the feasibility of a coin reaching X USD in value. The parabolic run certain coins had that saw its value increasing by tenfold or more last year drove the FOMO mentality. However, there are some realistic projects that does not have the branding nor marketing - and this site would help you to evaluate the possibility and scale of a coin based on their key indicators such as market cap, and coins circulations.
4. Understand the Whale's Concentration, and other indicators
   https://app.intotheblock.com
   Amongst other indicators available on this website, I find the Whale's concentration to be rather interesting. I was searching for a site that highlighted the ratio of transaction sizes, and this is as close as I could get so far. I am still looking for a site (Paid or Free) that would show the size of transactions through (Big, Median, Small) transaction sizes. There are other indicators that you might find useful here too, I bet.

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Above all else, good luck! When in doubt, read my flair.