PI硬币（PI）价格崩溃78％，市值从$ 20B蒸发到$ 4.5B

Pi Coin曾经被炒作是加密货币世界中潜在的游戏规则改变者

Pi Coin, once hyped as a potential game-changer in the world of cryptocurrencies, has seen a dramatic collapse in value, plummeting 78% in just a matter of weeks.

Pi Coin曾在加密货币世界中曾被炒作成为一种潜在的改变游戏规则的人，它的价值崩溃了巨大的崩溃，在短短几周内就暴跌了78％。

Once valued at $2.98, Pi Coin is now trading at around $0.67, and its market cap has shrunk from nearly $20 billion to just $4.56 billion.

一旦估价为2.98美元，Pi Coin现在的交易价格约为0.67美元，其市值从近200亿美元缩小到仅45.6亿美元。

Investors who were once optimistic about the coin’s future are now left grappling with heavy losses and mounting doubts. What went wrong, and is Pi Coin doomed, or can it make a comeback?

曾经对硬币未来感到乐观的投资者，现在遭受了沉重的损失和持续的疑问。出了什么问题，Pi硬币注定要失败，还是可以卷土重来？

The Surge and Sudden Crash of Pi Coin

PI硬币的激增和突然崩溃

Pi Coin’s rise to prominence seemed almost too good to be true. The project, which began in 2018, set out to create a cryptocurrency that could be mined by anyone on their phone.

Pi Coin的崛起似乎太好了，无法实现。该项目始于2018年，开始创建一个加密货币，该加密货币可以由他们手机上的任何人开采。

Pi gained millions of users, and excitement reached a fever pitch when the project introduced its mainnet in February 2025. At its peak, Pi Coin soared to $2.98, briefly making it one of the top 10 cryptocurrencies in terms of market capitalization.

PI在2025年2月推出其主网时吸引了数百万用户，兴奋达到了狂热的推销。在其顶峰时，Pi硬币飙升至2.98美元，短暂地使其成为市场资本化前10名加密货币之一。

However, just two months later, its value dropped drastically by 78%, and its market cap took a major hit, shrinking to $4.56 billion. Currently, the price is struggling to maintain any significant value, hovering just above its all-time low of $0.6152.

但是，仅仅两个月后，其价值急剧下降了78％，其市值受到了重大打击，缩小到45.6亿美元。目前，价格正在努力保持任何显着价值，徘徊在其历史最低低于0.6152美元以上。

But what caused this drastic collapse, and why has investor confidence evaporated so quickly?

但是，是什么原因导致了这种严重的崩溃，为什么投资者的信心如此迅速蒸发？

Excessive Token Unlocks: An Oversupply Crisis

过多的令牌解锁：供过于求的危机

One of the major factors contributing to Pi Coin’s sharp decline is the excessive release of tokens into circulation. According to crypto analyst Alex Obchakevich, the monthly token unlocks are vastly outpacing demand, creating an oversupply that is putting immense pressure on the coin’s price.

导致Pi Coin急剧下降的主要因素之一是代币过度释放到循环中。根据加密分析师Alex Obchakevich的说法，每月的代币解锁量大大超过了需求，造成了供过于求的过度供应，这给硬币的价格带来了巨大的压力。

In total, over 4.9 billion Pi tokens have entered circulation, with an additional 1.54 billion scheduled to be released within the next year.

总共超过49亿PI令牌进入了流通，计划在明年内额外发布15.4亿。

“[If the token unlocks continue at this pace,] we can expect to see further drops in the price of Pi as the oversupply overwhelms the market. Investors will become increasingly concerned that Pi will never reach the level of scarcity needed to drive its value up. Instead, we may see the price continue to decline slowly as the token unlocks outpace adoption and use cases,” Obchakevich explained.

A Broken KYC System Hurts Investor Trust

破碎的KYC系统伤害了投资者信任

Beyond the market oversupply, Pi Coin is also facing significant problems with its Know Your Customer (KYC) system, a key component of the cryptocurrency’s operation.

除了市场过度供应外，Pi Coin还面临着其知识客户（KYC）系统的重大问题，这是加密货币操作的关键组成部分。

Unlike other coins, Pi requires users to complete a KYC verification before they can transfer their tokens to the mainnet. However, this system has proven to be a major obstacle for many users.

与其他硬币不同，PI要求用户在将令牌传输到主网之前完成KYC验证。但是，该系统已被证明是许多用户的主要障碍。

Out of the 60 million people who mined Pi, only 14 million have successfully migrated their tokens. Users have complained about failed transactions, missing coins, and a lack of communication from the development team.

在挖掘PI的6000万人中，只有1400万人成功地迁移了令牌。用户抱怨交易失败，缺少硬币以及开发团队缺乏沟通。

These issues have caused a significant loss of trust among Pi Coin’s community, which is largely composed of retail investors.

这些问题导致Pi Coin社区的信任丧失，这主要由零售投资者组成。

PiFest – A Failed Attempt to Build Real-World Use Cases

Pifest - 构建现实世界用例的尝试失败

In an attempt to generate real-world use cases for Pi Coin, the Pi Network team introduced “PiFest,” an event aimed at getting businesses to accept Pi as a form of payment. The team claimed that over 125,000 merchants participated.

为了为PI硬币生成真实的用例，PI网络团队引入了“ Pifest”，这项活动旨在使企业接受PI作为付款方式。该团队声称超过125,000家商人参加了会议。

However, according to blockchain data from ChainPulse, only 104 transactions were executed in total, and the majority of them were executed by a single merchant.

但是，根据Chainpulse的区块链数据，总共只执行了104次交易，其中大多数是由单个商人执行的。

This lack of activity is surprising considering the hype surrounding PiFest and the claimed participation of 125,000 merchants.

考虑到围绕Pifest的炒作以及125,000名商人的参与，这种活动的缺乏令人惊讶。

The lack of real-world adoption is another major factor in Pi Coin’s struggle to maintain investor confidence. Without a thriving ecosystem or legitimate use cases, the cryptocurrency has failed to demonstrate why it should be taken seriously compared to other established cryptocurrencies like Ethereum and Solana.

缺乏现实世界的采用是Pi Coin为维持投资者信心而努力的另一个主要因素。没有繁荣的生态系统或合法用例，加密货币未能证明与其他已建立的加密货币（如以太坊和Solana）相比，应该认真对待它。

Is There Any Hope for Pi Coin?

PI硬币有希望吗？

Despite the challenges, some analysts still believe Pi Coin has long-term potential, but only if it shifts its focus toward real development.

尽管面临挑战，但一些分析师仍然认为Pi硬币具有长期的潜力，但前提是它将其专注力转向了真正的发展。

Obchakevich suggests that if Pi Coin can improve its transparency, fix the KYC system, and deliver on its promises of real-world adoption, there may still be hope for recovery.

Obchakevich建议，如果Pi硬币可以提高其透明度，修复KYC系统并兑现其现实世界采用的承诺，那么恢复仍然可能存在希望。

However, skepticism remains high. ByBit CEO Ben Zhou recently went viral for calling Pi Coin a “scam” in an interview with BlockTempo. As the coin continues to decline, the next few months will be critical for Pi’s future.

但是，怀疑仍然很高。 Bybit首席执行官Ben Zhou最近因在Blocktempo的采访中称Pi Coin称为“骗局”。随着硬币的继续下降，接下来的几个月对PI的未来至​​关重要。

Without significant changes, the project risks becoming irrelevant in the fast-moving world of cryptocurrency.

在没有重大变化的情况下，该项目有可能在加密货币的快速发展世界中变得无关紧要。