$BTC is the biggest CTO.
Initially created by developers and then a tech-loving group joined CTO.
After a while, they made too much profit, so this group sold off => Whales entered CTO.
=> Whales sold off => VCs entered CTO
=> VCs sold off => Countries entered CTO.
Decentralization or Permissionless is just a story. The ultimate goal is still to extract profit.
If the profit potential is not seen, the market will not move.
Therefore, to know if a project or coin is still alive, we need to know if that project still has a profit extraction group.