PI網絡曾經是被大肆宣傳的加密貨幣，現在陷入困境

Pi硬幣曾經是最受炒作的加密貨幣之一，現在陷入了深刻的麻煩。在2月推出其主網之後

Pi Coin, once one of the most hyped cryptocurrencies, is now in deep trouble. After launching its mainnet in February with high hopes, the price skyrocketed to $2.98, briefly making it one of the top ten cryptocurrencies. But fast forward to April, and things have taken a complete U-turn. The price has crashed to just $0.67, marking a massive 78% drop in just a few weeks. Investors who believed in its promise are now watching billions of dollars in value disappear, with Pi’s market cap shrinking from nearly $20 billion to just $4.56 billion.

Pi硬幣曾經是最受炒作的加密貨幣之一，現在陷入了深刻的麻煩。在2月寄予厚望的主網之後，價格飆升至2.98美元，簡短地使其成為前十名加密貨幣之一。但是快進到四月，事情已經完全掉頭了。價格跌至僅0.67美元，在短短幾週內下降了78％。相信其承諾的投資者現在正在觀看數十億美元的價值消失，PI的市值從近200億美元縮小到僅45.6億美元。

Pi Coin’s price has plunged to $0.6722, narrowly avoiding slipping below its all-time low of $0.6152 reached in February. The rapid decline follows its meteoric rise to $2.98 on Feb. 26, when Pi briefly shot up into the top 10 cryptocurrencies by market cap. However, the hype quickly fizzled out.

Pi Coin的價格已跌至0.6722美元，狹窄地避免在2月達到其歷史最低低於0.6152美元的歷史最低點。迅速下降是在2月26日的流離失所上升到2.98美元之後，當時PI通過市值短暫地進入了前10名加密貨幣。但是，炒作很快消失了。

Now, with the market cap shrinking from nearly $20 billion to just $4.56 billion, investors are losing confidence.

現在，由於市值從近200億美元減少到僅45.6億美元，投資者正在失去信心。

Alex Obchakevich, founder of Obchakevich Research, attributes the crash to an imbalance between token unlocks and demand. He warns that with Pi’s monthly unlocks outpacing demand, further price declines are “inevitable.” So far, 4.9 billion Pi tokens have entered circulation, and another 1.54 billion are set to be released over the next year.

Obchakevich Research的創始人Alex Obchakevich將崩潰歸因於令牌解鎖和需求之間的不平衡。他警告說，隨著PI每月解鎖需求的釋放，進一步的價格下降是“不可避免的”。到目前為止，有49億個PI令牌已經進入流通，明年將發布15.4億個。

However, beyond the price drop, another major issue is plaguing Pi Network: its KYC (Know Your Customer) system. Unlike other cryptocurrencies, Pi requires users to verify their identity before they can move their tokens to the mainnet. But this process has become a source of frustration for many.

但是，除了價格下跌之外，另一個主要問題是困擾PI網絡：其KYC（了解您的客戶）系統。與其他加密貨幣不同，PI要求用戶在將令牌移至主網之前驗證其身份。但是這個過程已成為許多人沮喪的根源。

Out of 60 million people who mined Pi, only 14 million have successfully migrated their tokens. Social media is filled with complaints about failed transactions and missing coins, while the developers remain largely silent, further fueling distrust.

在挖掘PI的6000萬人中，只有1400萬人成功地遷移了他們的令牌。社交媒體充滿了有關交易失敗和缺失硬幣的抱怨，而開發人員仍保持沉默，進一步加劇了不信任。

Recently, Pi Network tried to boost adoption with “PiFest,” an event encouraging businesses to accept Pi Coin. While they claim over 125,000 merchants participated, blockchain data suggests that very few transactions actually took place.

最近，PI Network試圖通過“ Pifest”（鼓勵企業接受Pi Coin）來提高采用。儘管他們聲稱有超過125,000家商人參加了會議，但區塊鏈數據表明實際上很少發生交易。

Without real-world use cases and a strong ecosystem, Pi is struggling to prove its worth compared to major networks like Ethereum and Solana.

沒有現實世界的用例和強大的生態系統，PI與以太坊和Solana等主要網絡相比，PI努力證明其價值。

Despite these struggles, Obchakevich sees long-term potential. He believes Pi could still compete with top projects—if it focuses on real development. However, skepticism remains high. ByBit CEO Ben Zhou has even labeled Pi a “scam,” casting further doubt over its legitimacy.

儘管經歷了這些鬥爭，Obchakevich仍然看到了長期潛力。他認為，如果PI仍然可以與頂級項目競爭，如果它專注於真正的發展。但是，懷疑仍然很高。 Bybit首席執行官Ben Zhou甚至將PI標記為“騙局”，對其合法性進一步懷疑。