A few days ago, I was shopping at the market when the vendor auntie was organizing vegetables and said that her niece invested in a project called APRO, which could double this month. Hearing this, I immediately knew—this market cycle is probably reaching its peak.

The most dangerous moment in a bull market is when unknowing people start teaching you how to make money.

This week, I encountered all kinds of "APRO experts": delivery drivers pointing at their phones and saying "This AI oracle is awesome," gym trainers discussing during breaks that "Cross-chain data is the future," a former colleague I haven't contacted in three years suddenly asking on WeChat if they can chase after APRO. The funniest was my mom, who called and said, "Your Aunt Wang's son made enough from trading APRO to cover his down payment. Can you teach me how?"

When even sixty-year-old aunties start rushing in, what are the truly smart money doing? Institutions with a 0.05 cost, early miners entering at 0.1—they are now thinking about how to gracefully hand over chips to retail investors.

But data speaks.

What is the current daily call volume for APRO? About 20,000 AI calls and approximately 300,000 data validations. Assuming a fee of $0.01 per call (which is a high estimate), daily revenue is just over $3,200, and annualized it’s only about $1.2 million.

Compared to the current market cap of $4 billion, the price-to-sales ratio reaches 3,300 times.

What does this multiple mean? Traditional tech giants usually range from 15 to 30 times.