PI硬幣（PI）價格崩潰78％，市值從$ 20B蒸發到$ 4.5B

Pi Coin曾經被炒作是加密貨幣世界中潛在的遊戲規則改變者

Pi Coin, once hyped as a potential game-changer in the world of cryptocurrencies, has seen a dramatic collapse in value, plummeting 78% in just a matter of weeks.

Pi Coin曾在加密貨幣世界中曾被炒作成為一種潛在的改變遊戲規則的人，它的價值崩潰了巨大的崩潰，在短短幾週內就暴跌了78％。

Once valued at $2.98, Pi Coin is now trading at around $0.67, and its market cap has shrunk from nearly $20 billion to just $4.56 billion.

一旦估價為2.98美元，Pi Coin現在的交易價格約為0.67美元，其市值從近200億美元縮小到僅45.6億美元。

Investors who were once optimistic about the coin’s future are now left grappling with heavy losses and mounting doubts. What went wrong, and is Pi Coin doomed, or can it make a comeback?

曾經對硬幣未來感到樂觀的投資者，現在遭受了沉重的損失和持續的疑問。出了什麼問題，Pi硬幣注定要失敗，還是可以捲土重來？

The Surge and Sudden Crash of Pi Coin

PI硬幣的激增和突然崩潰

Pi Coin’s rise to prominence seemed almost too good to be true. The project, which began in 2018, set out to create a cryptocurrency that could be mined by anyone on their phone.

Pi Coin的崛起似乎太好了，無法實現。該項目始於2018年，開始創建一個加密貨幣，該加密貨幣可以由他們手機上的任何人開採。

Pi gained millions of users, and excitement reached a fever pitch when the project introduced its mainnet in February 2025. At its peak, Pi Coin soared to $2.98, briefly making it one of the top 10 cryptocurrencies in terms of market capitalization.

PI在2025年2月推出其主網時吸引了數百萬用戶，興奮達到了狂熱的推銷。在其頂峰時，Pi硬幣飆升至2.98美元，短暫地使其成為市場資本化前10名加密貨幣之一。

However, just two months later, its value dropped drastically by 78%, and its market cap took a major hit, shrinking to $4.56 billion. Currently, the price is struggling to maintain any significant value, hovering just above its all-time low of $0.6152.

但是，僅僅兩個月後，其價值急劇下降了78％，其市值受到了重大打擊，縮小到45.6億美元。目前，價格正在努力保持任何顯著價值，徘徊在其歷史最低低於0.6152美元以上。

But what caused this drastic collapse, and why has investor confidence evaporated so quickly?

但是，是什麼原因導致了這種嚴重的崩潰，為什麼投資者的信心如此迅速蒸發？

Excessive Token Unlocks: An Oversupply Crisis

過多的令牌解鎖：供過於求的危機

One of the major factors contributing to Pi Coin’s sharp decline is the excessive release of tokens into circulation. According to crypto analyst Alex Obchakevich, the monthly token unlocks are vastly outpacing demand, creating an oversupply that is putting immense pressure on the coin’s price.

導致Pi Coin急劇下降的主要因素之一是代幣過度釋放到循環中。根據加密分析師Alex Obchakevich的說法，每月的代幣解鎖量大大超過了需求，造成了供過於求的過度供應，這給硬幣的價格帶來了巨大的壓力。

In total, over 4.9 billion Pi tokens have entered circulation, with an additional 1.54 billion scheduled to be released within the next year.

總共超過49億PI令牌進入了流通，計劃在明年內額外發布15.4億。

“[If the token unlocks continue at this pace,] we can expect to see further drops in the price of Pi as the oversupply overwhelms the market. Investors will become increasingly concerned that Pi will never reach the level of scarcity needed to drive its value up. Instead, we may see the price continue to decline slowly as the token unlocks outpace adoption and use cases,” Obchakevich explained.

A Broken KYC System Hurts Investor Trust

破碎的KYC系統傷害了投資者信任

Beyond the market oversupply, Pi Coin is also facing significant problems with its Know Your Customer (KYC) system, a key component of the cryptocurrency’s operation.

除了市場過度供應外，Pi Coin還面臨著其知識客戶（KYC）系統的重大問題，這是加密貨幣操作的關鍵組成部分。

Unlike other coins, Pi requires users to complete a KYC verification before they can transfer their tokens to the mainnet. However, this system has proven to be a major obstacle for many users.

與其他硬幣不同，PI要求用戶在將令牌傳輸到主網之前完成KYC驗證。但是，該系統已被證明是許多用戶的主要障礙。

Out of the 60 million people who mined Pi, only 14 million have successfully migrated their tokens. Users have complained about failed transactions, missing coins, and a lack of communication from the development team.

在挖掘PI的6000萬人中，只有1400萬人成功地遷移了令牌。用戶抱怨交易失敗，缺少硬幣以及開發團隊缺乏溝通。

These issues have caused a significant loss of trust among Pi Coin’s community, which is largely composed of retail investors.

這些問題導致Pi Coin社區的信任喪失，這主要由零售投資者組成。

PiFest – A Failed Attempt to Build Real-World Use Cases

Pifest - 構建現實世界用例的嘗試失敗

In an attempt to generate real-world use cases for Pi Coin, the Pi Network team introduced “PiFest,” an event aimed at getting businesses to accept Pi as a form of payment. The team claimed that over 125,000 merchants participated.

為了為PI硬幣生成真實的用例，PI網絡團隊引入了“ Pifest”，這項活動旨在使企業接受PI作為付款方式。該團隊聲稱超過125,000家商人參加了會議。

However, according to blockchain data from ChainPulse, only 104 transactions were executed in total, and the majority of them were executed by a single merchant.

但是，根據Chainpulse的區塊鏈數據，總共只執行了104次交易，其中大多數是由單個商人執行的。

This lack of activity is surprising considering the hype surrounding PiFest and the claimed participation of 125,000 merchants.

考慮到圍繞Pifest的炒作以及125,000名商人的參與，這種活動的缺乏令人驚訝。

The lack of real-world adoption is another major factor in Pi Coin’s struggle to maintain investor confidence. Without a thriving ecosystem or legitimate use cases, the cryptocurrency has failed to demonstrate why it should be taken seriously compared to other established cryptocurrencies like Ethereum and Solana.

缺乏現實世界的採用是Pi Coin為維持投資者信心而努力的另一個主要因素。沒有繁榮的生態系統或合法用例，加密貨幣未能證明與其他已建立的加密貨幣（如以太坊和Solana）相比，應該認真對待它。

Is There Any Hope for Pi Coin?

PI硬幣有希望嗎？

Despite the challenges, some analysts still believe Pi Coin has long-term potential, but only if it shifts its focus toward real development.

儘管面臨挑戰，但一些分析師仍然認為Pi硬幣具有長期的潛力，但前提是它將其專注力轉向了真正的發展。

Obchakevich suggests that if Pi Coin can improve its transparency, fix the KYC system, and deliver on its promises of real-world adoption, there may still be hope for recovery.

Obchakevich建議，如果Pi硬幣可以提高其透明度，修復KYC系統並兌現其現實世界採用的承諾，那麼恢復仍然可能存在希望。

However, skepticism remains high. ByBit CEO Ben Zhou recently went viral for calling Pi Coin a “scam” in an interview with BlockTempo. As the coin continues to decline, the next few months will be critical for Pi’s future.

但是，懷疑仍然很高。 Bybit首席執行官Ben Zhou最近因在Blocktempo的採訪中稱Pi Coin稱為“騙局”。隨著硬幣的繼續下降，接下來的幾個月對PI的未來至​​關重要。

Without significant changes, the project risks becoming irrelevant in the fast-moving world of cryptocurrency.

在沒有重大變化的情況下，該項目有可能在加密貨幣的快速發展世界中變得無關緊要。