Is the equation $\phi(\pi(\phi^\pi)) = 1$ true? And if so, how?

It's a joke based on the use of the $\phi$ function (Euler's totient function), the $\pi$ function (the prime counting function), the constant $\phi$ (the golden ratio), and the constant $\pi$. Note $\phi^\pi\approx 4.5$, so there are two primes less than $\phi^\pi$ (they are $2$ and $3$), so $\pi(\phi^\pi)=2$. There is only one positive integer less than or equal to $2$ which is also relatively prime to $2$ (this number is $1$), so $\phi(2)=1$. Hence we have

$$\phi(\pi(\phi^\pi))=\phi(2)=1$$