There is an interesting phenomenon worth pondering.

In traditional business, if a company's customer flow and revenue decline continuously over three months, everyone will bearish on it; conversely, if during the same period customer flow and revenue remain stable or even slightly increase, the market will label it as "resilient" or "having growth potential." Everyone understands this logic.

But with PI coin, the pattern seems to be reversed. The price has remained around 0.2 yuan for the past three months, without a sharp plunge, and there are even signs of slight upward movement—by conventional standards, this should be considered a steady performance, at least indicating a bottom support. But what about online investors' reactions? They generally bearish, saying it will go to zero.

This contrast is indeed intriguing. Is the market losing confidence in PI's fundamentals? Or have investors' expectations completely diverged from the project's operational situation? When stable or slightly rising prices are interpreted as negative signals, what exactly is driving this collective mindset?