隨著騙局的出現，PI Network（PI）的歷史最高高80％。

2月20日，PI Network的備受期待的開放式Mainnet發射遇到了極端的波動，導致令牌的價值急劇下降。在交易的前兩天內，PI Network的市值下降了60億美元。最初開盤價為1.84美元的代幣急劇下降至0.64美元，引發了投資者對其長期生存能力和穩定性的擔憂。

The highly anticipated Open Mainnet launch of Pi Network on February 20 encountered significant challenges, leading to a drastic decline in the token's value. Within the first two days of trading, Pi Network's market capitalization plummeted by $6 billion. The token, which initially opened at $1.84, saw a dramatic decline to $0.64, sparking concerns among investors regarding its long-term viability and stability.

2月20日，PI Network的備受期待的開放式Mainnet啟動遇到了重大挑戰，導致令牌價值急劇下降。在交易的前兩天內，PI Network的市值下降了60億美元。最初開盤價為1.84美元的代幣急劇下降至0.64美元，引發了投資者對其長期生存能力和穩定性的擔憂。

Here are four major reasons that fueled the downward trend:

以下是推動下降趨勢的四個主要原因：

1. Scam Allegations and Criticism from Industry Leaders

1。行業領導人的騙局指控和批評

One of the primary reasons behind the crash was criticism from Bybit's CEO, Ben Zhou, who accused Pi Network of being a scam. Zhou pointed to a Chinese report alleging that Pi Network primarily targeted the elderly in a misleading scheme. While Pi Network has vehemently denied these accusations, maintaining that it is a legitimate blockchain project under development for the past six years, the CEO's remarks raised red flags among investors.

墜機背後的主要原因之一是拜比特（Bybit）首席執行官本·週（Ben Zhou）的批評，後者指責PI網絡是騙局。週指出了一份中國報告，指稱PI網絡主要針對老年人的誤導計劃。儘管PI Network堅決否認了這些指控，並堅持認為這是過去六年中正在開發的合法區塊鏈項目，但首席執行官的講話卻引起了投資者的危險信號。

2. Mass Sell-Off by Early Investors

2。早期投資者的大規模拋售

Another key factor behind the Pi Network price drop was a large-scale sell-off by early adopters. Historically, many token holders cash out their holdings immediately after a mainnet launch to mitigate losses. In Pi Network's case, many investors had seen similar projects—such as Notcoin and Hamster Kombat—crash post-launch and feared a repeat scenario. This panic-driven sell-off exerted additional downward pressure on the token's price.

PI網絡價格下跌的另一個關鍵因素是早期採用者的大規模拋售。從歷史上看，許多令牌持有人在主網發射以減輕損失後立即兌現了股份。在PI Network的情況下，許多投資者看到了類似的項目（例如Notcoin和Hamster Kombat）爆發後發布後，並擔心重複的情況。這種恐慌驅動的拋售給令牌的價格施加了額外的向下壓力。

3. Broader Market Trends and Liquidity Concerns

3。更廣泛的市場趨勢和流動性問題

The overall weakness in the cryptocurrency market also played a role in Pi Network's sharp decline. Bitcoin's price correction, which saw a 10% drop from its all-time high, negatively impacted the broader crypto ecosystem. Major altcoins like Ethereum, Cardano, and Algorand also suffered significant declines, contributing to reduced investor confidence.

加密貨幣市場的總體弱點在PI網絡的急劇下降中也發揮了作用。比特幣的價格校正，其歷史最高水平下降了10％，對更廣泛的加密生態系統產生了負面影響。 Ethereum，Cardano和Algorand等主要的Altcoins也遭受了大幅下降，有助於減少投資者的信心。

Liquidity issues further exacerbated Pi Network's instability. Despite being listed on major exchanges such as OKX, Bitget, and MEXC, the token faced low market depth, making it highly susceptible to volatility. Analysts noted that even a $100,000 trade could trigger significant price swings, suggesting a lack of strong demand.

流動性問題進一步加劇了PI網絡的不穩定性。儘管在OKX，BITGET和MEXC等主要交易所中列出，令牌面臨較低的市場深度，使其非常容易受到波動的影響。分析師指出，即使是100,000美元的交易也可能觸發大幅度的價格波動，這表明缺乏強勁的需求。

4. Weak Performance of Newly Launched Tokens

4。新推出的代幣的性能較弱

Pi Network's collapse follows a broader trend of newly launched tokens struggling to maintain their value. Several high-profile tokens, including Wormhole and ZKsync, initially experienced price surges but later saw substantial declines. Even established projects like EigenLayer witnessed a sharp drop from $5.6 to $2. Similarly, meme coins associated with former U.S. President Donald Trump and Melania Trump have plunged by over 80% from their peak values.

Pi Network的崩潰遵循了新推出的代幣努力維持其價值的更廣泛的趨勢。包括蟲洞和Zksync在內的幾個備受矚目的令牌最初經歷了價格飆升，但後來卻大幅下降。即使是像Eigenlayer這樣的已建立的項目，也見證了$ 5.6的急劇下降到2美元。同樣，與前美國總統唐納德·特朗普（Donald Trump）和梅拉尼亞·特朗普（Melania Trump）相關的模因硬幣也從高峰價值中跌入了80％以上。

The future of Pi Network remains uncertain, with its price currently in a discovery phase. The token's rebound will largely depend on increased demand from investors and further development within its ecosystem. At the time of its mainnet launch, Pi Network had approximately 100 decentralized applications (dApps) on its network. If these applications gain traction, they could serve as a catalyst for price recovery.

PI網絡的未來仍然不確定，其價格目前處於發現階段。令牌的反彈將在很大程度上取決於投資者的需求增加以及其生態系統內的進一步發展。在主網發佈時，PI網絡在其網絡上擁有大約100個分散的應用程序（DAPP）。如果這些應用吸引人，它們可以作為價格回收的催化劑。

A potential listing on top-tier exchanges such as Binance or Coinbase could also provide the much-needed liquidity and legitimacy that Pi Network currently lacks. Binance has initiated a community vote to decide whether to list Pi Network, with the results expected on February 27.

諸如Binance或Coinbase之類的頂級交易所的潛在上市也可以提供PI Network當前缺乏的急需的流動性和合法性。 Binance已發起社區投票，以決定是否列出PI網絡，預計將於2月27日獲得結果。

Pi Network's mainnet launch was expected to be a milestone event, but instead, it has highlighted significant challenges, including liquidity constraints, centralization concerns, and accusations of fraud. While the project boasts a massive user base, it must address these issues to regain investor trust and stabilize its market position.

PI Network的主網發布預計將是一個里程碑式活動，但相反，它強調了重大挑戰，包括流動性限制，集中式關注和指控欺詐。儘管該項目擁有大量的用戶群，但必須解決這些問題，以恢復投資者信任並穩定其市場地位。