標題：PI Network（PI）代幣從ATH墜毀超過73％，1.02m代幣解鎖

加密貨幣世界具有揮發性令牌的份額，但是PI Network的Pi代幣卻引起了特別粗糙的浪潮。

In the dynamic realm of cryptocurrency, tokens are known for their volatility, but Pi Network’s PI token has been charting a particularly turbulent course. After reaching an all-time high of $2.99 on February 26, PI has crashed by over 73%, now hovering around $0.78 — perilously close to its launch price of $0.70. This fall has far outpaced the broader altcoin market, which has only seen a 6.9% dip during the same period.

在加密貨幣的動態領域中，令牌以其波動而聞名，但是PI Network的Pi代幣一直在繪製一個特別動蕩的過程。在2月26日達到歷史最高水平為2.99美元之後，PI墜毀了73％以上，現在徘徊在0.78美元左右，危險地接近其發行價0.70美元。今年秋天遠遠超過了更廣泛的Altcoin市場，在同一時期，該市場只有6.9％的下降。

While some investors are keenly examining technical patterns for signs of a possible recovery, others are becoming increasingly concerned about deeper issues that could be afflicting the project — from tokenomics to legal controversies.

儘管一些投資者敏銳地研究了可能恢復的跡象的技術模式，但其他投資者越來越關注可能困擾該項目的更深層問題 - 從令牌學到法律爭議。

Token Unlocks and an Influx in Supply

令牌解鎖和供應湧入

One of the prime forces dragging down PI’s price is its token issuance model. According to blockchain data platform PiScan, over 102 million PI tokens are expected to enter circulation in the next 30 days — an addition of over 1% to the circulating supply. That translates to roughly $82 million in sell-side pressure, or about $2.7 million daily, based on current prices.

拖拉PI價格的主要部隊之一是其代幣發行模型。根據區塊鏈數據平台Piscan的數據，預計將在接下來的30天內進入循環量超過1.02億個，向循環供應增加了1％以上。根據目前的價格，這大約約為8200萬美元的賣方壓力，每天約270萬美元。

Sustained pressure of this magnitude is known to have a significant impact on prices, especially for tokens with limited exchange support and apparent real-world use cases. A Keyrock report suggests that 90% of token unlocks result in downward price movements, usually within a 30-day period.

眾所周知，這種大小的持續壓力會對價格產生重大影響，尤其是對於具有有限的交換支持和明顯現實世界中用例的代幣。一份鑰匙岩報告表明，90％的令牌解鎖通常會導致價格下降，通常在30天內。

Growing Pains and Specter of Controversy

越來越多的痛苦和爭議的幽靈

Beyond the figures, Pi Network has faced criticism for its structure and transparency. Some have likened the network to a multi-level marketing scheme, raising concerns about how tokens are distributed and promoted, particularly within vulnerable communities.

除了數字之外，PI網絡因其結構和透明度而面臨批評。有些人將網絡比作多層營銷計劃，引起了人們對代幣的分發和推廣的擔憂，尤其是在弱勢社區內。

A report by Chinese law enforcement, recently highlighted by Bybit CEO Ben Zhou, focused on a group that was not authorized by Pi Network and engaged in unauthorized financial and trade activities. The report, part of the nation’s crackdown on blockchain and crypto scams, described how this group targeted elderly users, making false claims about Pi Network to deceive them and harvest their personal data.

Bybit首席執行官Ben Zhou最近強調了中國執法部門的報告，該報告的重點是未經PI Network授權並從事未經授權的金融和貿易活動的團體。該報告是該國對區塊鍊和加密騙局的鎮壓的一部分，描述了該群體如何針對老年用戶，對PI網絡提出虛假的主張來欺騙他們並收集他們的個人數據。

In response to the report, Pi Network stated that no official inquiry has been made with Pi Network itself. The project also distanced itself from the third parties mentioned in the report, adding that they have no affiliation with Pi Network and are attempting to deceive users for their own gains.

為了應對該報告，PI網絡指出，PI網絡本身尚未進行官方查詢。該項目還與報告中提到的第三方保持距離，並補充說，他們與PI網絡沒有隸屬關係，並試圖欺騙用戶自己的收益。

However, skepticism toward Pi Network persists. Prominent industry figures like Moonrock Capital CEO Ivan Monzon have raised concerns about Pi Network’s fully diluted valuation of $26 billion, suggesting it’s driven more by hype than fundamentals.

但是，對PI網絡的懷疑仍然存在。像Moonrock Capital Ceo Ivan Monzon這樣的著名行業數字引起了人們對PI Network完全稀釋的260億美元稀釋估值的擔憂，這表明它比基本面更受炒作所驅動。

A Glimpse of Hope for a Rebound

一眼希望反彈的希望

Despite the technical difficulties and broader criticisms, some technical analysts are highlighting a descending wedge pattern in the charts, which could be a classic signal of a potential breakout. Oversold indicators like the RSI (Relative Strength Index) suggest that PI may be poised for a rebound, with optimistic projections pointing toward resistance levels at $1.40 and $1.75.

儘管有技術困難和更廣泛的批評，但一些技術分析師仍在凸顯圖表中的降楔模式，這可能是潛在突破的經典信號。 RSI（相對強度指數）之類的超售指標表明，PI可以預先進行反彈，樂觀的預測指向阻力水平為1.40美元和1.75美元。

But for a complete turnaround, Pi Network may need more than just chart patterns. A Binance listing, clearer definition of token utility, or a strategic token burn could be crucial in restoring investor confidence, which has been battered by the recent events.

但是，對於完整的周轉，PI網絡可能不僅需要圖表模式。唯一清單，對令牌公用事業的更清晰的定義或戰略代幣燃燒對於恢復投資者的信心至關重要，這對最近的事件遭到了損害。

As the dust settles on PI’s volatile journey, its fate will depend on how the project navigates these challenges and adjusts its strategy to meet the evolving needs and concerns of the cryptocurrency community.

隨著塵埃落定在Pi的動蕩之旅中，其命運將取決於該項目如何應對這些挑戰，並調整其戰略以滿足加密貨幣社區不斷發展的需求和關注點。