PI網絡納入電報錢包，為一個大型社區加強的項目提供了一個前所未有的展示櫃

在能見度可以飆升資產的生態系統中，PI似乎處於強大的位置。但是，符合預期，令牌崩潰了。

Announced as a strategic turning point, the integration of Pi Network into the Telegram wallet offered an unprecedented showcase for a project already strengthened by a massive community. In an ecosystem where visibility can skyrocket an asset, PI seemed to be in a strong position. However, against expectations, the token collapsed. The promise of accelerated adoption faced the harsh reality of the market.

宣布將PI網絡集成到電報錢包中是一個戰略轉折點，為已經由大型社區加強的項目提供了一個前所未有的展示櫃。在能見度可以飆升資產的生態系統中，PI似乎處於強大的位置。但是，符合預期，令牌崩潰了。加速採用的承諾面臨著市場的嚴峻現實。

A strategic integration with no effect on the market

戰略整合，對市場沒有影響

The announcement of the integration of Pi Network into Telegram’s crypto wallet had everything to boost the project’s visibility. With over a billion monthly users, the platform represented a considerable lever for token adoption.

將PI網絡集成到Telegram的加密錢包中的宣布可以提高項目的可見性。該平台擁有超過十億個用戶，代表了象徵性採用的相當大的槓桿。

However, the effect was limited. The PI crypto only rose by 0.97% in the hours following the announcement, before entering a prolonged decline. Over the last 30 days, its value has lost more than 61%, illustrating a disconnection between the strategic announcement and the real dynamics of the market.

但是，效果受到限制。在宣布後的幾個小時內，PI加密貨幣僅在延長下降之前上漲了0.97％。在過去的30天中，其價值損失了61％以上，這說明了戰略公告與市場的真正動態之間的脫節。

This situation highlights a common paradox in the crypto universe: a significant announcement is not enough by itself to trigger a lasting rebound, especially when investor confidence remains fragile.

這種情況強調了加密貨幣宇宙中的一個常見悖論：一個重要的公告本身不足以觸發持久的反彈，尤其是當投資者信心仍然脆弱時。

This point is reinforced by technical indicators. Despite the bullish divergence on the MACD indicator, which hinted at a possible slowdown in the selling pressure, the Relative Strength Index (RSI) is massively oversold, suggesting that the sellers are still largely dominant on this time frame.

技術指標加強了這一點。儘管對MACD指標的看漲差異，這暗示了銷售壓力可能會放緩，但相對強度指數（RSI）卻大大超出了，這表明賣方在這個時間範圍內仍然在很大程度上占主導地位。

This imbalance explains the continuation of the downward movement, which could persist until a better equilibrium between buyers and sellers is reached.

這種不平衡解釋了向下移動的延續，這可能會持續到買賣雙方之間達到更好的平衡為止。

Between controversy and distrust: the limits of a project in crisis

在爭議和不信任之間：危機項目的局限性

Beyond market data, Pi Network faces a credibility crisis fueled by ongoing controversies. One of the most significant episodes was the public intervention of Ben Zhou, CEO of the Bybit exchange, who labeled the token a “scam” and publicly declared his refusal to list it.

除了市場數據之外，PI網絡還面臨著持續爭議的信譽危機。最重要的情節之一是Bybit Exchange首席執行官Ben Zhou的公開干預，後者將令牌標記為“騙局”，並公開宣布拒絕列出它。

This judgment is echoed by Justin Bons, founder and director of investments at Cyber Capital, who asserts bluntly on March 19, 2025, on the social network X (formerly Twitter):

Cyber​​ Capital的創始人兼投資總監Justin Bons在2025年3月19日在社交網絡X（以前為Twitter）上宣稱這一判決：

PI is a straight-up scam! Offering an “MLM” based “mining” scheme on mobile is a gimmick, as it does not contribute to consensus! […] PI is an investment scam.

PI是一個直接的騙局！在移動設備上提供基於“ MLM”的“礦山”計劃是一種頭，因為它沒有達成共識！ […] PI是一個投資騙局。

This frontal rejection by an influential figure in the industry had a devastating effect on the project’s perception, reigniting doubts about the legitimacy of the initiative.

有影響力的人物在行業中的這種額外拒絕對項目的看法產生了毀滅性的影響，重新激發了對該計劃合法性的懷疑。

In the face of these accusations, the Pi Network team has attempted to defend itself. They denounced identity theft by unauthorized third parties who sought listings in their name. Furthermore, the project’s leaders wanted to clarify how their referral program works.

面對這些指控，PI網絡團隊試圖為自己辯護。他們譴責了以其名義尋求清單的未經授權的第三方盜竊身份。此外，該項目的領導者想澄清其推薦計劃的工作原理。

This program is described as entirely free, without complex hierarchy, and limited to a single level. “The 25% bonus is only granted if both the referrer and the referee mine at the same time,” they specify. This positioning is intended as a response to criticisms that equate this system with a pyramid structure.

該程序被描述為完全免費的，沒有復雜的層次結構，並且僅限於一個級別。他們指定：“僅當推薦人和裁判礦山同時同時獲得25％的獎金。”該定位旨在作為對將該系統與金字塔結構等同的批評的回應。

This double setback (public attack from Bybit exchange and persistent suspicions about the business model) could severely undermine investor confidence. The integration with Telegram, far from masking these flaws, could even heighten expectations and disappointments if the token fails to demonstrate tangible utility. At this stage, the future of Pi Network will depend less on its exposure than on its ability to regain the trust of a market that has become significantly more demanding.

這種雙重挫折（來自Bybit Exchange的公共攻擊以及對業務模式的持續懷疑）可能會嚴重破壞投資者的信心。與電報的整合遠沒有掩蓋這些缺陷，甚至可能會提高期望和失望，如果代幣未能證明有形的實用程序。在此階段，PI網絡的未來將依賴於其接觸的依賴，而不是重新獲得越來越苛刻的市場信任的能力。

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