PI Network的本地令牌PI在達到歷史最高高點後不到一個月的時間撞車了約73％。

截至發稿時，PI的交易價格為0.80美元，更接近2月20日的0.70美元發行價。這使PI縮減比其他市場深10倍。

Pi Network’s native token (PI) has crashed roughly 73% less than one month after reaching its all-time high of $2.99 on Feb. 26.

PI Network的原住民令牌（PI）在2月26日達到其歷史最高額為2.99美元後，撞車大約73％。

As of press time, PI was trading at $0.81, inching closer to its $0.70 launch price on Feb. 20.

截至發稿時，PI的交易價格為0.81美元，距離2月20日的發行價格更接近其0.70美元。

The performance is significantly below the crypto market average performance in the same period, as altcoins corrected 6.9% on average. This makes PI drawdown over 10x deeper than the rest of the market.

由於AltCoins平均校正了6.9％，因此性能顯著低於同一時期加密貨幣市場平均表現。這使得PI縮減比其他市場深10倍。

PI has been facing pressure from its own token design since users can mint tokens and increase supply by interacting with applications on the network.

PI一直面臨著自己的令牌設計的壓力，因為用戶可以通過與網絡上的應用程序進行交互來造成令牌並增加供應。

A Keyrock report published in December 2024 pointed out that over 90% of token unlocks exert negative price pressure, with effects taking up to 30 days to materialize.

2024年12月發布的一份鑰匙石報告指出，超過90％的令牌釋放了負價格壓力，效果最多需要30天才能實現。

According to PiScan, the network will issue over 102 million PI tokens over the next 30 days, averaging 3.4 million daily. This would be more than 1% of PI’s circulating supply.

根據Piscan的說法，該網絡將在接下來的30天內發行超過1.02億個PI令牌，平均每天340萬。這將超過PI循環供應的1％。

At the current price of $0.81, the dollar-denominated supply pressure is $82.6 million — roughly $2.7 million daily.

按目前的價格為0.81美元，以美元計價的供應壓力為8260萬美元，每天約270萬美元。

According to a Tokenomist report, Pi Network is responsible for 4% of the $2 billion in token unlocks scheduled for April.

根據令牌主義的報告，PI網絡負責4月份的20億美元代幣中的4％。

Controversy around PI

圍繞PI的爭議

Pi Network has been criticized for several reasons in the weeks before and since its launch last month. Industry participants have raised concerns about its operations resembling a multi-level marketing scheme.

PI網絡在上個月推出之前和自上個月推出以來的幾個原因受到批評。行業參與者對其運營類似於多層次營銷計劃的業務提出了擔憂。

The project’s delayed mainnet launch and limited details on token utility have exacerbated concerns about whether Pi can deliver on its promise of accessible, decentralized value transfer.

該項目延遲的主網發布以及關於令牌公用事業的有限細節加劇了人們對PI是否可以兌現其可訪問的，分散的價值轉移的承諾的擔憂。

Bybit CEO Ben Zhou recently drew attention to a report issued by Chinese law enforcement that described Pi as fraudulent.

Bybit首席執行官Ben Zhou最近提請注意中國執法部門發布的一份報告，該報告稱PI為欺詐。

The report claimed that the project targeted vulnerable populations, including elderly users, by promising financial gain. It also accused the network of allegedly harvesting its users’ personal data.

該報告聲稱，該項目通過承諾經濟利益來針對包括老年用戶在內的脆弱人群。它還指責該網絡涉嫌收穫用戶的個人數據。

The report further attributed financial losses, including pension depletion, to the project’s influence in China.

該報告進一步將包括養老金枯竭在內的財務損失歸因於該項目在中國的影響力。

Separately, Moonrock Capital CEO Simon Dedic expressed skepticism over Pi’s reported $26 billion fully diluted valuation and claims that 60% of the supply is already in circulation.

另外，MoonRock Capital Ceo Simon Dedic對Pi的報告表示懷疑，報導了260億美元的完全稀釋的估值，並聲稱供應的60％已經在流通。

Dedic said that the project “has built a strong cult following among non-crypto users who shill it purely for financial reasons.” He further alleged that Pi Network was a “giant Ponzi” that achieved virality through promises of “free money.”

迪迪克說，該項目“已經在非克里普托用戶中建立了強烈的追隨者，他們純粹是出於財務原因而先用它。”他進一步聲稱，Pi Network是一個“巨型龐氏騙局”，它通過“免費錢”的承諾獲得了病毒性。

Pi denies allegations

PI否認指控

In a public statement issued on Feb. 22, Pi Network rejected the allegations and clarified its position regarding the Chinese police report.

PI網絡在2月22日發表的公開聲明中拒絕了這些指控，並闡明了其關於中國警察報告的立場。

The team stated that the report referred to unauthorized third parties falsely associating themselves with Pi and that no authorities had contacted Pi Network itself regarding the matter.

該團隊表示，該報告是指未經授權的第三方錯誤地與PI聯繫，並且沒有當局就此事聯繫了PI網絡本身。

The project reiterated that it is not affiliated with those actors and emphasized its intention to launch responsibly.

該項目重申，它與這些演員無關，並強調其負責任地發射的意圖。

Gino Matos

吉諾馬托斯

Gino Matos is a law school graduate and a seasoned journalist with six years of experience in the crypto industry. His expertise primarily focuses on the Brazilian blockchain ecosystem and developments in decentralized finance (DeFi).

吉諾·馬托斯（Gino Matos）是一名法學院畢業生，也是一位經驗豐富的記者，在加密行業擁有六年的經驗。他的專業知識主要集中在巴西區塊鏈生態系統和分散融資（DEFI）中的發展。

AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.

自從也門2011年阿拉伯之春以來，AJ是一位熱情的記者，他在全球範圍內磨練了他十多年的技能。他專門從事金融新聞業，現在專注於加密報告。

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