Behind the carnival feast of Pi coins is a black comedy unfolding. Yesterday, its price soared to a "brilliant achievement" of $3, causing a stir in the crypto world. However, upon closer inspection of this report card, it resembles more of a self-directed puppet show by the project team—after all, 99% of the holders have yet to even touch the key to open their wallets; the so-called market value is merely a numerical game in an air castle.

This so-called "behemoth" with a market value of $300 billion is actually built on an unlocked volcano. Tens of millions of users stare at the empty wallet interface day after day, resembling loyal spectators watching the emperor's new clothes. The project team is performing the grand show of "mainnet launch" with great flair, but when it comes to the mapping phase, they play a delaying tactic. This tightrope act of wanting to maintain excitement while fearing the bubble will burst reminds one of a clown juggling torches in a circus.

The more exciting acts are yet to come: when the project team eventually has to unlock the seal of mapping one day, the spectacle of tens of millions of users flooding into exchanges is likely to cause any well-designed K-line chart by speculators to collapse instantly. At that time, the withdrawal channels of the exchanges may witness a congestion spectacle more severe than the Spring Festival travel rush, and the price curve will likely draw a parabolic line more thrilling than a roller coaster.

The only turning point in this grand drama at present is whether the project team can conjure up a lively ecological rabbit on the 28th—after all, in the blockchain circus, a public chain without practical applications is like a circus without animals; no matter how dazzling the lights, it will eventually be seen through by the audience as a light and shadow magic show. If they continue to use deceptive tactics like "technical upgrades" and "ecological incubation" to buy time, even the most loyal believers may begin to doubt whether what they have mined for three years is real gold and silver or just electronic virtue in the cyber era.