Depending on the goals of the investors there are different strategies.

Daytraders are looking more for hypes, forks and actual news while the long term investors have to check the quality of the project. Is the project solving a actual problem? Does it already have a product or are they just talking like 99% of the shitcoins? Are they listed on the big exchanges and if not why? Is the team behind the project confirmed or even known? Are there other coins with the same goal?

As an investor you have to collect as much information and decide what you think is the best