PI网络纳入电报钱包，为一个大型社区加强的项目提供了一个前所未有的展示柜

在能见度可以飙升资产的生态系统中，PI似乎处于强大的位置。但是，符合预期，令牌崩溃了。

Announced as a strategic turning point, the integration of Pi Network into the Telegram wallet offered an unprecedented showcase for a project already strengthened by a massive community. In an ecosystem where visibility can skyrocket an asset, PI seemed to be in a strong position. However, against expectations, the token collapsed. The promise of accelerated adoption faced the harsh reality of the market.

宣布将PI网络集成到电报钱包中是一个战略转折点，为已经由大型社区加强的项目提供了一个前所未有的展示柜。在能见度可以飙升资产的生态系统中，PI似乎处于强大的位置。但是，符合预期，令牌崩溃了。加速采用的承诺面临着市场的严峻现实。

A strategic integration with no effect on the market

战略整合，对市场没有影响

The announcement of the integration of Pi Network into Telegram’s crypto wallet had everything to boost the project’s visibility. With over a billion monthly users, the platform represented a considerable lever for token adoption.

将PI网络集成到Telegram的加密钱包中的宣布可以提高项目的可见性。该平台拥有超过十亿个用户，代表了象征性采用的相当大的杠杆。

However, the effect was limited. The PI crypto only rose by 0.97% in the hours following the announcement, before entering a prolonged decline. Over the last 30 days, its value has lost more than 61%, illustrating a disconnection between the strategic announcement and the real dynamics of the market.

但是，效果受到限制。在宣布后的几个小时内，PI加密货币仅在延长下降之前上涨了0.97％。在过去的30天中，其价值损失了61％以上，这说明了战略公告与市场的真正动态之间的脱节。

This situation highlights a common paradox in the crypto universe: a significant announcement is not enough by itself to trigger a lasting rebound, especially when investor confidence remains fragile.

这种情况强调了加密货币宇宙中的一个常见悖论：一个重要的公告本身不足以触发持久的反弹，尤其是当投资者信心仍然脆弱时。

This point is reinforced by technical indicators. Despite the bullish divergence on the MACD indicator, which hinted at a possible slowdown in the selling pressure, the Relative Strength Index (RSI) is massively oversold, suggesting that the sellers are still largely dominant on this time frame.

技术指标加强了这一点。尽管对MACD指标的看涨差异，这暗示了销售压力可能会放缓，但相对强度指数（RSI）却大大超出了，这表明卖方在这个时间范围内仍然在很大程度上占主导地位。

This imbalance explains the continuation of the downward movement, which could persist until a better equilibrium between buyers and sellers is reached.

这种不平衡解释了向下移动的延续，这可能会持续到买卖双方之间达到更好的平衡为止。

Between controversy and distrust: the limits of a project in crisis

在争议和不信任之间：危机项目的局限性

Beyond market data, Pi Network faces a credibility crisis fueled by ongoing controversies. One of the most significant episodes was the public intervention of Ben Zhou, CEO of the Bybit exchange, who labeled the token a “scam” and publicly declared his refusal to list it.

除了市场数据之外，PI网络还面临着持续争议的信誉危机。最重要的情节之一是Bybit Exchange首席执行官Ben Zhou的公开干预，后者将令牌标记为“骗局”，并公开宣布拒绝列出它。

This judgment is echoed by Justin Bons, founder and director of investments at Cyber Capital, who asserts bluntly on March 19, 2025, on the social network X (formerly Twitter):

Cyber​​ Capital的创始人兼投资总监Justin Bons在2025年3月19日在社交网络X（以前为Twitter）上宣称这一判决：

PI is a straight-up scam! Offering an “MLM” based “mining” scheme on mobile is a gimmick, as it does not contribute to consensus! […] PI is an investment scam.

PI是一个直接的骗局！在移动设备上提供基于“ MLM”的“矿山”计划是一种头，因为它没有达成共识！ […] PI是一个投资骗局。

This frontal rejection by an influential figure in the industry had a devastating effect on the project’s perception, reigniting doubts about the legitimacy of the initiative.

有影响力的人物在行业中的这种额外拒绝对项目的看法产生了毁灭性的影响，重新激发了对该计划合法性的怀疑。

In the face of these accusations, the Pi Network team has attempted to defend itself. They denounced identity theft by unauthorized third parties who sought listings in their name. Furthermore, the project’s leaders wanted to clarify how their referral program works.

面对这些指控，PI网络团队试图为自己辩护。他们谴责了以其名义寻求清单的未经授权的第三方盗窃身份。此外，该项目的领导者想澄清其推荐计划的工作原理。

This program is described as entirely free, without complex hierarchy, and limited to a single level. “The 25% bonus is only granted if both the referrer and the referee mine at the same time,” they specify. This positioning is intended as a response to criticisms that equate this system with a pyramid structure.

该程序被描述为完全免费的，没有复杂的层次结构，并且仅限于一个级别。他们指定：“仅当推荐人和裁判矿山同时同时获得25％的奖金。”该定位旨在作为对将该系统与金字塔结构等同的批评的回应。

This double setback (public attack from Bybit exchange and persistent suspicions about the business model) could severely undermine investor confidence. The integration with Telegram, far from masking these flaws, could even heighten expectations and disappointments if the token fails to demonstrate tangible utility. At this stage, the future of Pi Network will depend less on its exposure than on its ability to regain the trust of a market that has become significantly more demanding.

这种双重挫折（来自Bybit Exchange的公共攻击以及对业务模式的持续怀疑）可能会严重破坏投资者的信心。与电报的整合远没有掩盖这些缺陷，甚至可能会提高期望和失望，如果代币未能证明有形的实用程序。在此阶段，PI网络的未来将依赖于其接触的依赖，而不是重新获得越来越苛刻的市场信任的能力。

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