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First, assess whether the dividend is supported by real cash flow: If a token distributes stablecoins from project revenues (e.g., transaction fees), it may enhance intrinsic value by rewarding long-term holders and reducing circulating supply. However, if dividends rely on new token issuance (a "ponzi-like" model), they only create short-term price hype without real value support. For post-dividend sustainability, analyze two factors: (1) holder behavior: If most investors sell after receiving dividends (to lock in profits), prices may drop; if long-term holders retain tokens, stability improves. (2) project fundamentals: Dividends should not divert funds from core development (e.g., technology upgrades, market expansion)—a project prioritizing short-term dividends over long-term growth will struggle to maintain price gains.

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