personally i'd find a smaller one just for the sake of stability. there's a few fandom themed ones that are cool, plus you can subscribe to communities hosted on other instances no problem
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It depends.
One which has communities on that you like will make your "local" feed more relevant. (have a look at [email protected])
One which has a domain you like might appeal.
Otherwise, given you can subscribe to anything on any instance, it doesn't really matter.
Whatever works for you. lemmy.world is the big dog so there's a tonne of activity here but it can be a little slow at times and the target of malicious attacks. You will also find that the front page can be a real fire hose of content.
If you look around you can find regional instances that serve up a more local slant on things or a topic specific instance that looks technology, books, etc. Or you want somewhere more aligned with your politics or an instance with more porn.
There's something for everyone and no one-size-fits-all answer to your question.
lemm.ee has been great
Search: bigger instances. Speed: something close to you. Bigger: juicier targets for DDOS, hacks. Smaller: likelier to disappear.
Check out different parameters on: https://lemmy.fediverse.observer/
I'm not sure I've made 3 accounts and I've had issues with 2 of them going down completely so far. The account that has yet to let me down is this lemm.ee one but I suspect its probably a matter of time.
I'd suggest signing up to a couple of instances you can use a program called Lasim to sync communities and blocks between them.
Honestly I'd just pick the instances that appeal most to you, karma's not a thing here so nothing is lost switching really.
Pick something close to you so you get low latency :)