in reply to Pipe, when this shell command is going to executed ?

You don't output the words in your first version line by line but in one line. In your second you append one line-end to each line and so you get three lines.

s$$([},&%#}/&/]+}%&{})*;#$&&s&&$^X.($'^"%]=\&(|?*{%
+.+=%;.#_}\&"^"-+%*).}%:##%}={~=~:.")&e&&s""`$''`"e